Senco Gold Ltd. records revenue growth of 29.6 percent for Q1FY24
Kolkata, August 16, 2023: Senco Gold Limited, the leading pan-India jewellery retailer announced its unaudited financial results for the first quarter that ended on June 30″, 2023, in the Board meeting held on 14th August 2023.
Consolidated Financial Highlights for Quarter Ended June 30, 2023:
v Revenues from operations grew to Rs. 1,305.40 crore in Q1FY24, with YOY growth of 29.6%compared to Rs. 1,007.24 crore in Q1FY23
v EBITDA margin stands at 5.1% for Q1FY24 from 5.5% in Q1FY23
v Profit before exceptional items grew to Rs. 27.67 crore in Q1FY24, recording a growth of 22.7% compared to Q1FY23. The PAT margin marginally reduced from 2.2% to 2.1%.
Speaking on the performance, Mr. Suvankar Sen, Managing Director & CEO, of Senco Gold Limited commented, “The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds achieving the highest ever Q1 revenue of Rs 1305 Cr. We have witnessed continued robust momentum in both footfalls at showrooms and revenue across all markets. We are seeing higher traction in Northern part of India, along with our Eastern India strength. The team has worked hard to achieve sales growth of over 29% YOY. The diamond jewellery sales growth in terms of value has been 50% and in terms of volume has been 34% during the period under review (Q1-Q1). The stud ratio has improved on YOY basis from 9.3% to 11% and in certain markets it has reached the range of 15-20%.’’
‘In Q1FY 24, we rolled out 6 new showrooms (5 owned & 1 franchise) to reach the nationwide showroom count of 142 amongst which 80 are Company owned showrooms and 62 are Franchisee owned. The six new showrooms have come up in Delhi (1), Madhya Pradesh (2), Sikkim (1), Telangana (1), Bihar (1).’