Mumbai-based jewellery maker Sky Gold Ltd reported a 124 percent increase in net profit to Rs 14 crore ($1.7 million) for the fourth quarter ended March 31, as against Rs 6 crore in the year ago quarter.
The company’s revenue for the quarter rose by 90 percent to Rs 513 crore, as against Rs 270 crore in the corresponding quarter of the previous fiscal year.
For the financial year 2024, Sky Gold reported a net profit of Rs 40 crore on a revenue of Rs 1,745 crore.
Commenting on the results, Mangesh Chauhan, managing director of Sky Gold in a statement said, “In December 2024, the company transitioned to a significantly larger facility located in Navi Mumbai, boasting a production capacity of 750 kg per month/year. This move has been instrumental in driving substantial growth, evident in our recent performance metrics.”
“In Q4 FY24, our capacity utilization stood at 40% of the total capacity as compared to 35% in the previous quarter, underscoring our capacity to expand operations and establish ourselves as a leading player in designing, manufacturing, and marketing of gold jewelry industry domestically as well as globally,” 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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