Its consolidated net profit for the quarter under review rose 5.8 percent to ₹109.3 crore in return ₹103.3 crore in the year-ago period. Meanwhile, its income from operations jumped 23.3 percent to ₹1,652.2 crore in Q3FY24 vs ₹1,339.6 crore in Q3FY23.
On the operating front, the EBITDA of the jeweler advanced 11.3 percent to ₹181.1 crore in the December quarter of FY24 as compared to ₹162.7 crore in the December quarter FY23. However, its EBITDA margin declined 1.1 percent to 11 percent in Q3FY24 versus 12.1 percent in Q3FY23.
“Our consistent performance demonstrates our robust execution ability, Operational Prudence and Financial rigor. We achieved the highest ever Q3 Revenue of ₹1,652 Cr registering QOQ growth of 43 percent and YoY growth of 23 percent. During the 9 month period, we achieved a top line of ₹4,104 Cr surpassing FY 23 Topline and achieving best in class YoY growth of 26 percent. This growth was led by a 17 percent increase in Same Stores Sales (SSS) and volume growth in both Gold and Diamond,” stated Sanjay Banka, CFO, Senco Gold.
The stock rose as much as 6.9 percent to its day high ₹800. It has now surged over 123 percent from its 52-week low of ₹358.25, hit on July 21, 2023. However, it is still about 5 percent away from its peak of ₹840, hit on January 11, 2024. Overall, the stock was flat in February, up just 0.7 percent after a 13.15 percent gain in January.
Meanwhile, in the 9 months ending December 2023 (9MFY24), the company posted a 12.4 percent increase in profit to ₹148.9 crores against ₹132.4 crore in 9MFY23. Its revenue also rose 25.8 percent to ₹4,104.2 crore in 9MFY24, its highest ever since ₹3,263.5 crore in 9MFY23. However, its EBITDA margin again declined 70 bps to 7 percent in 9MFY24 from 7.7 percent in 9MFY23.
“This year so far, we have seen a robust performance by Team Senco in terms of Exhibition Attendance Expansion, Topline achievement, launch of new collections, New Formats such as House of Senco and Sennes resulting in solid financial performance. We have so far launched 19. showrooms including 4 Franchisee Showrooms. Stable gold prices through Q3 also helped in higher sales in Q3 with YTD 9 percent volume growth in Gold and 27 percent volume growth in Diamond,” said Suvankar Sen, Managing Director and CEO, Senco Gold.
Sen added: “We have also become the first Indian jewelery brand to join the Open Network for Digital Commerce (ONDC) and now our catalog will be available across various shopping apps within the expanding ONDC Network, facilitating smooth and efficient transactions.”
From its IPO price of ₹317, the stock soared over 152 percent.
It made a strong debut on the stock exchanges on July 14, 2023, listing at ₹430, a premium of 35.65 percent over its IPO price.
The ₹405 crore initial public offer (IPO) was opened for subscription from July 4 to July 6 with a price band of ₹301-317. The offer consisted of a fresh issue of shares of value ₹270 crore and an offer for sale (OFS) of ₹135 crore from investor SAIF Partners India IV. The issue also received robust response from all types of investors and was subscribed to 77.25 times.
Senco Gold is a pan-India jewelery retail player with a history of over five decades. The company’s products are sold under the “Senco Gold & Diamonds” brand through multiple channels, which include owned stores, franchise stores, and various online platforms.
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Published: 14 Feb 2024, 13:08 IST