SENCO GOLD LTD. RECORDS REVENUE GROWTH OF 29.6% FOR Q1FY24
15th August 2023
Senco Gold Limited, the leading pan-India jewellery retailer announced its unaudited financial results for the first quarter ended on June 30″, 2023, in the Board meeting held on 14th August, 2023. 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. Q1 FY24 EBITDA stood at Rs. 67.20 crore; EBITDA Margin at 5.1%, Q1 FY24 PAT stood at Rs. 27.67 crore; PAT Margin at 2.1%.
Senco Gold Limited, the leading pan-India jewellery retailer announced its unaudited financial results for the first quarter ended on June 30″, 2023, in the Board meeting held on 14th August, 2023.
Consolidated Financial Highlights for Quarter Ended June 30, 2023:
- 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
- EBITDA margin stands at 5.1% for Q1FY24 from 5.5% in Q1FY23
- Profit before exceptional items grew to Rs. 27.67 crore in Q1FY24, recording 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, Senco Gold Ltd. commented, “The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds achieving 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 a 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 the 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).
About Senco Gold Ltd:
Senco Gold & Diamonds is a leading pan-India jewellery retail player that recently achieved a significant milestone of getting listed on NSE Ltd and BSE Ltd. With a legacy of more than five decades, Senco Gold & Diamonds is the largest jewellery retail player in the eastern India based on number of stores. Senco has 142showrooms spread across India with a mix of Own and Franchisee model and having various formats like D’Signia, Everlite and Standard to cater to various customer segments.The Company offers an extensive range of jewellery, including gold, diamond, silver, platinum, as well as precious and semi-precious stones. With a catalogue offering more than 130,000 designs for gold jewellery and more than 72,000 designs for diamond jewellery, Senco offers a large variety of designs of handcrafted jewellery, most of which are designed in-house by its designers in close collaboration with skilled local craftsmen and karigars in Kolkata and across the country. The company has Brand Ambassadors like Kiara Advani, Vidya Balan and former Indian cricket legend Sourav Ganguly. Company’s brands include Everlite, focused on lightweight jewellery; Gossip, the silver and costume jewellery brand; The D’Signia showroom format offers a premium jewellery retail shopping experience to its connoisseur customers. Senco Gold & Diamonds also has an Aham collection of jewellery catering to men;and a Vivaha collection, which is a premium designer wedding jewellery range.
