Gold, diamond, and jewellery business Senco Gold saw its consolidated net profit increase by 23% to reach Rs 27.6 crore in the first quarter of the 2024 financial year. Both the business’ revenue and expenses also rose during the quarter which ended in June.
Senco Gold had reported a consolidated net profit of Rs 22.5 crore in the first quarter of the 2023 financial year making its start to the 2024 fiscal one of significant double-digit growth, the Economic Times reported. The business’ profits after tax increased on a sequential basis by 6% compared to its profit total of Rs 26 crore in the fourth quarter of the 2023 financial year.
The business’ revenue from operations increased by 30% year-on-year in the first quarter of the 2024 financial year to total Rs 1,305 crore, compared to Rs 1,007 crore in the first quarter of the 2023 fiscal. Senco Gold’s expenses also increased by 30% year-on-year to total Rs 1,277 crore in the first quarter of this fiscal compared to Rs 981 crore a year prior.
Senco Gold counts 136 retail showrooms of which 75 are company owned and 61 are franchised. The business has a retail network across 13 states and Union Territories but the majority of its stores are located in West Bengal where it is based.
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