Senco Gold surged 8.73% to Rs 1126.75 after the company announced impressive results for the quarter ended 30th June 2024.On a standalone basis, the company achieved YoY revenue growth of 9% overall, and 11% in retail along with 4% SSG in Q1, FY 25; however, on excluding inter group sales to subsidiaries of about Rs 27 crore, the consolidated revenue growth was 7.5%.On a consolidated basis, Senco Gold's net profit surged 85.29% to Rs 51.27 crore on 7.54% rise in revenue from operations to Rs 1403.89 crore in Q1 June 2024 over Q1 June 2023.
Consolidated EBITDA improved YoY from Rs 67.20 crore to Rs 108.73 crore, recording 61.82% growth, while EBIT grew by 60.6% from Rs 64.09 crore to Rs 102.96 crore with EBIT margin of 7.3%.
Sanjay Banka (CFO), Senco Gold said that the company has maintained a strong CAGR growth of 21% over the past four years, with the company aiming for a similar growth rate of 18-20% in the current fiscal year. However, the recent reduction in customs duty on gold and silver is expected to impact the company's gross margin and EBITDA in the next two to three quarters. Despite these challenges, Senco Gold is confident in its ability to mitigate the impact and achieve its targeted EBITDA and profit growth.
Suvankar Sen, managing director & CEO, Senco Gold, said that Senco Gold has reported a strong start to the year with a 7.54% increase in overall sales. The company expanded its retail footprint by adding six new showrooms and witnessed robust performance during Akshay Tritiya despite challenges. Average ticket value and selling price also increased significantly. The recent government decision to reduce customs duty on gold, silver, and platinum is expected to boost demand for jewellery. Senco Gold is optimistic about the upcoming festive season and plans to further expand its retail network. The company has also launched lab-grown diamonds under its Sennes brand.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JewelBuzz13
Comments