New Delhi: Jewellery retailer Senco Gold saw its quarter-on-quarter net profit fall to Rs 32 crore in Q4FY24 against Rs 109.3 crore in Q3, regulatory filings showed.
In sales terms, Senco’s Q4 revenue from operations stood at Rs 1,137 crore, while in the December quarter, the company reported an income of Rs 1,652 crore.
However, compared to January – March quarter 2023, the retailer’s profit jumped by 23.6 per cent in Q4, while its revenue from operations increased by 39.7 per cent.
“Gold prices increased substantially their upward journey 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% which included same-store sales Growth (SSSG) of 19% – amongst the highest in the industry. This growth was fueled by maturity of existing showroom, higher wedding sales and higher old gold exchange at 32% as well as rising gold prices,” commented Suvankar Sen, Managing Director and CEO, Senco Gold in a media release.
Sen added that the company expanded its showroom portfolio to 159, with a net addition of 23 showrooms including 6 FOFO showrooms in the year.
“We have invested in new store capex and capacity building for the future amounting to over Rs 38.23 Cr for our pan India strategy,” he shared.
On an annual basis, Senco closed the fiscal year 2023 – 24 at sales of Rs 5,241 crore, reporting a 28.5 per cent jump over 2022 – 23. Its yearly profit jumped to Rs 181 crore.
