Jewellery retailer Senco Gold Ltd reported a 24 percent increase in net profit to Rs 32 crore ($4 million) for the fourth quarter ended March 31, as against Rs 26 crore in the year-ago quarter.
The company’s revenue for the quarter was up by 40 percent to Rs 1,137 crore, as against Rs 814 crore in the corresponding quarter of the previous fiscal year.
For the financial year 2024, the company reported a revenue of Rs 5,241 crore with a net profit of Rs 181 crore.
Commenting on the results, Suvankar Sen, managing director CEO of Senco Gold Ltd in a statement said, “Gold prices increased substantially throughout the year based on global uncertainty, war in Israel and middle east and higher buying by Central Banks across the globe. In this rising price scenario, we achieved total revenue growth of 28.5% and retail revenue growth of 25%. This growth was fuelled by maturity of existing showroom, higher wedding sales and higher old gold exchange at 32% as well as rising gold prices.”
“In line with our growth strategy, we continued business expansion with sharp focus on driving profitability and customer acquisition. We have invested in new store capex and capacity building for future amounting to over Rs 38 crore for our pan India strategy,” he added.
During the year, Senco Gold expanded its retail presence with the addition of 23 showrooms including 6 franchise owned franchise operated stores to end the financial year with a store count of 159.
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