Senco Gold Ltd reports Q2 net profit of Rs 12 crore

Jewellery retailer Senco Gold Ltd reported a marginal increase of one percent in net profit to Rs 12.1 crore ($1.4 million) for the second quarter ended September 30, as against Rs 11.9 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 31 percent to Rs 1,501 crore, as against Rs 1,147 crore in the corresponding quarter of the previous fiscal year.

For the half year of the current fiscal year, Senco Gold’s revenue stood at Rs 2,904 crore while its net profit during the period was Rs 63 crore.

Commenting on the results, Suvankar Sen, managing director CEO of Senco Gold Ltd in a statement said, “I am pleased to inform that our company has crossed one of the best-ever sale for any single month in the month of October. We have crossed Rs 1000 crore sales during the festive period which covers Navratri, Diwali Dhanteras etc. From last festive season to this festive season, we are seeing a growth of about 14-15%.”

“Q2 has been a phenomenally unexpected, good quarter with a growth level of close to 30% compared to the last quarter which is because of the duty cut which the government has done making it easier for the consumers to buy. There has also been a lot of rural demand coming from tier 2,3,4 towns and cities, due to the price coming down,” he added.

Senco Gold is a leading jewellery retailer with 166 showrooms across India and 1 store in Dubai, UAE.