Fine jewellery business Senco Gold saw its consolidated net profits increase by 85.4% year-on-year in the first quarter of the 2025 financial year to total Rs 51.27 crore. The business’ revenue was up by 7.5% to total Rs 1,403.89 crore in the same time period.
Senco Gold’s earnings before interest, taxes, depreciation, and amortisation increased by 61.8% year-on-year to reach Rs 108.74 crore in the first quarter of this financial year, the Economic Times reported. The Kolkata-based business opened six new stores, including a global store in Dubai, during the quarter.
“To enhance domestic value addition in gold and precious metal jewellery, the government of India has reduced customs duties on gold and silver to 6%, and on platinum to 6.4% from the earlier 15%,” said Senco Gold’s managing director and CEO Suvankar Sen, ET Retail reported. “This reduction is expected to galvanise future demand, especially the pent-up demand from Q1. With lower gold prices, jewellery companies anticipate more footfalls and increased market share for organised players.”
This reduction in customs duties on precious metals is also expected to have an impact on Senco Gold’s inventory valuation and this will affect its EBITDA as well as its gross margin over the coming two to three financial quarters. The business aims to grow at a rate of between 18% and 20% over the 2025 financial year.
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