Jewellery major Sky Gold Ltd reported a 99 percent increase in net profit to Rs 21 crore ($2.5 million) for the April-June quarter, as against Rs 11 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 92 percent to Rs 723 crore, as against Rs 376 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Mangesh Chauhan, managing director of Sky Gold in a statement said, “This remarkable performance is attributed to our recent expansion to a larger facility in Navi Mumbai, which has significantly increased our production capacity. In Q1 FY25, our capacity utilization stood at 33% of the total capacity (including additional capacities from acquisitions). This highlights our capability to scale operations and strengthen our position in the gold jewellery market both in India and globally.”
“Moving forward in FY25, we plan to increase capacity utilization at our new facility, invest in IT and automation, implement an ERP system, strengthen our mid-management and regional sales teams, and optimize our financials through the use of gold metal loans to improve profitability and reduce borrowing costs,” he added.
Founded in 2008, Sky Gold works on business-to-business model with leading jewellery retailers like Malabar Gold, Joyalukkas, Kalyan Jewellers, Senco Gold among others.
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