Senco Gold records revenue growth of 29.6% for Q1FY24

Senco Gold Limited, the leading pan-India jewellery retailer announced its unaudited financial results for the first quarter ended on June 30, 2023, at the Board meeting held on August 14, 2023.

Revenues from operations of the company grew to Rs. 1,305.40 crore in Q1FY24, with year-on-year(YOY) growth of 29.6 per cent compared to Rs. 1,007.24 crore in Q1FY23

The company reported EBITDA margin at 5.1 per cent for Q1FY24 from 5.5 per cent in Q1FY23. Profit before exceptional items grew to Rs. 27.67 crore in Q1FY24, recording growth of 22.7 per cent compared to Q1FY23. The PAT margin marginally reduced from 2.2 per cent to 2.1 per cent.

Speaking on the performance, Suvankar Sen, Managing Director & CEO, Senco Gold Limited commented, "The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds achieving highest ever Q1 revenue of Rs. 1305 crore. We have witnessed continued robust momentum in both footfalls at showrooms and revenue across all markets. We are seeing a higher traction in Northern part of India, along with our Eastern India strength. The team has worked hard to achieve sales growth of over 29 per cent YOY. The diamond jewellery sales growth in terms of value has been 50 per cent and in terms of volume has been 34 per cent during the period under review (Q1-Q1). The stud ratio has improved on YOY basis from 9.3 per cent to 11 per cent and in certain markets it has the reached the range of 15-20 per cent.’’

“In Q1FY 24, we rolled out 6 new showrooms (5 owned & 1 franchise) to reach the nationwide showroom count of 142 amongst which 80 are Company owned showrooms and 62 are Franchisee owned. The six new showrooms have come up in Delhi (1), Madhya Pradesh (2), Sikkim (1), Telangana (1), Bihar (1),” he said.