Senco Gold Q2 Update: Revenue Rises 7%; Diamond Sales Jump 12%
Despite high gold prices, custom duty cut and Shraddh season in the second quarter of this financial year, Senco Gold Ltd. posted a 6.5% rise in revenue, according to its quarterly business update on Wednesday.
In the first half of this financial year, the company posted total revenue growth of 17.8%. The same-store-sales growth was 7.5% in the first half. During the first half the retail business rose by 16%.
The company has achieved 12% growth in diamond jewellery sales extending the momentum in the second quarter. Similarly, silver sales rose 54% in the same period. In the first half of this fiscal value growth for diamond jewellery was 31% and volume growth was 14%.
In the September quarter, the company launched five new showrooms taking the count to 184 stores. Four additions were in Kolkata, Bihar and West Bengal, while one was in international showroom in Dubai.
The company expects the demand in the third quarter is poised to be the strongest quarter due to major festivals like Dhanteras and Diwali and peak wedding season. The company further added that it is optimistic on the demand for the remaining financial year and expected the topline growth for this fiscal to be at 18-20%.
Senco Gold Share Price Today
The business update was shared after market hours. The stock settled 2.34% lower at Rs 339.50 apiece on the NSE, compared to a 0.25% decline in the benchmark Nifty 50. The shares earlier during the day fell as much as 2.57% to Rs 338.70 per share.
Senco Gold's shares have fallen 50.02% in the last 12 months and 36.69% year-to-date.
Out of seven analysts tracking the company, four maintains a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target of Rs 483.14 implies an upside of 42.3%.
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