Senco Gold, a jewellery retailer, reported a decrease in its quarter-on-quarter net profit to INR 32 crore in Q4FY24 from INR 109.3 crore in Q3, as per regulatory filings.
The company’s Q4 revenue from operations amounted to INR 1,137 crore, compared to an income of INR 1,652 crore in the December quarter.
However, compared to the January-March quarter of 2023, the retailer’s profit in Q4 jumped by 23.6%, while its revenue from operations increased by 39.7%.
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“Gold prices have risen significantly throughout the year due to global uncertainty, the conflict in Israel and the Middle East, and increased purchases by central banks worldwide. In this environment of rising prices, we achieved a total revenue growth of 28.5% and retail revenue growth of 25%, including a same-store sales growth (SSSG) of 19%—one of the highest in the industry. This growth was driven by the maturity of existing showrooms, increased wedding sales, higher old gold exchange at 32%, and rising gold prices,” commented Suvankar Sen, Managing Director and CEO of Senco Gold.
Sen further mentioned that the company increased its showroom portfolio to 159, with a net addition of 23 showrooms, including 6 FOFO showrooms, throughout the year.
“We’ve invested over INR 38.23 crore for new store capital expenditure as well as capacity building, aligned with our pan-India strategy,” he said.
Annually, Senco closed the fiscal year 2023-24 with sales of INR 5,241 crore, marking a 28.5% increase over 2022-23. Its annual profit rose to INR 181 crore.
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