Senco Gold Q4FY24 PAT grows 23.6% YoY to Rs. 32.17 cr; revenue grows 39.7%
Kolkata: Jewellery retailer Senco Gold Limited reported a Profit After Tax (PAT) of Rs. 32.17 crore, marking a 23.6% increase year-on-year (YoY) from Rs. 26.03 crore in Q4 FY23.
For the entire fiscal year FY24, PAT rose by 14.2% to Rs. 181.01 crore compared to Rs. 158.48 crore in FY23.
Revenue and EBITDA highlights
Senco Gold's revenue from operations for Q4 FY24 was Rs. 1,137.28 crore, a 39.7% increase from Rs. 813.93 crore in Q4 FY23.
For the full year FY24, revenue grew by 28.5% to Rs. 5,241.44 crore from Rs. 4,077.4 crore in the previous year.
The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 FY24 improved by 31.5% YoY to Rs. 87.72 crore, and for the full year, EBITDA rose by 18.6% to Rs. 375.51 crore.
Operational and strategic achievements
Senco Gold Ltd Managing Director & CEO Suvankar Sen highlighted several milestones for FY24, including the company's successful listing on the BSE and NSE on 14th July 2023.
The IPO was oversubscribed impressively, and the funds raised were strategically used for working capital.
Senco Gold expanded its retail footprint with the addition of 23 new showrooms, bringing the total to 159 stores across India.
The company invested over Rs. 38.23 crore in new store capex and capacity building, aligning with its pan-India growth strategy.
The increase in gold prices, higher wedding sales, and a rise in old gold exchange contributed to a total revenue growth of 28.5% and a retail revenue growth of 25%.
Financial metrics and market position
Senco Gold Ltd CFO Sanjay Banka elaborated on the financial performance, underscoring a 17% growth in both showroom count and retail space.
The company's Same Store Sales Growth (SSSG) stood at 19%, reflecting strong consumer demand and market penetration.
The consolidated EBITDA margin improved, and the company's PAT grew despite higher finance costs due to lease accounting impacts.
The inventory value increased to Rs. 2,457.02 crore, driven by new store inventory, higher diamond jewellery stock, and price rise of gold.
Senco Gold maintained an inventory turnover ratio of 2.41x, reflecting efficient inventory management.
The company's working capital borrowing rose to Rs. 1,498.34 crore, with an improved debt-equity ratio of 1.10x.
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