fbpx
Connect with us
RJI

Daily News

Senco Gold reports strong Q4 business results, achieves 39% year-on-year revenue growth

Published

on

Senco Gold reports strong Q4 business results, achieves 39% year-on-year revenue growth
RJI

Despite rising gold prices, on a YoY basis the company said it achieved 13% volume growth in gold and 19% volume growth in diamond in FY24

Mumbai: Shares of Senco Gold rallied 20% to Rs 960 on the BSE in last Monday’s intra-day trade hitting its 52 week high and breaching the previous record of Rs 897 touched on February 27, 2024. The rise in stock price came amid heavy volumes after the company reported 39% year-on-year (YoY) growth in revenue for the March quarter(Q4FY24).

Shares of Senco Gold rallied 20% to Rs 960 on the BSE in last Monday’s intra-day trade hitting its 52 week high and breaching the previous record of Rs 897 touched on February 27, 2024. The rise in stock price came amid heavy volumes after the company reported 39% year-on-year (YoY) growth in revenue for the March quarter (Q4FY24).

Despite rising gold prices, on a YoY basis the company said it achieved 13% volume growth in Gold and 19% volume growth in diamond in FY24. Same Store Sales Growth (SSSG) during FY24 was 19% out of retail sales growth; and was 23% out of total 30% retail sales growth during Q4 giving a major impetus for growth, Senco Gold said in FY24 and Q4 business update.

Gold price rise has impacted unorganised jewellers, but as far as organised listed jewellers are concerned, they have grown impressively. This price rise has led to a squeeze in the working capital availability due to higher margins for Gold Hedging and Gold Metal Loan (GML), the company said.

RJI

Given the run-up in gold prices, Senco Gold’s management believes that demand will remain structurally intact, but some amount of deferment is possible. The overall demand has remained strong and Senco Gold has been gaining market share from unorganized players over the last few years, which is expected to continue in the medium term, analysts at InCred Equities said in a recent management meet update.

Senco offers an extensive range of jewellery, including gold, diamond, silver, platinum, as well as precious and semi-precious stones. Senco’s brand portfolio includes “Everlite” focused on lightweight jewellery; “Gossip” the silver and costume jewellery brand; and “Aham” catering to men. The company also has Vivaha and Rajwada collections, which are a premium wedding jewellery range. The company has recently launched “Sennes” brand for leather bags and accessories as well.

Courtesy: business-standard.com

Continue Reading
Advertisement

Latest News

RJI