Senco Gold Q3 net profit rises 6 percent to Rs 109 crore | Maqvi News

Jewellery retailer Senco Gold has reported a 6 percent increase in net profit to Rs 109 crore ($13.6 million) for the December 2023 quarter, as against Rs 103 crore posted in the same period of the previous year.

The company’s revenue for the quarter rose by 23 percent at Rs 1,652 crore, as against Rs 1,339 crore reported during the corresponding quarter of the previous fiscal.

Commenting on the results, Sanjay Banka, chief financial officer at Senco Gold in a statement said, “Our consistent performance demonstrates our robust execution capability, operational prudence, and financial rigour. The new showroom launches of 18 so far have also led to investment in working capital out of our internal accruals, IPO funds and incremental borrowing.”

Suvankar Sen, managing director CEO at Senco Gold added, “Stable gold prices throughout Q3 helped in higher sales in Q3 with YTD 9 percent volume growth in gold and 27 percent volume growth in diamond, We have also become the first Indian jewellery brand to join the Open Network for Digital Commerce (ONDC) Network and now our catalogue will be available across various shopping apps within the expanding ONDC Network, facilitating smooth and efficient transactions.”

The Kolkata-based Senco Gold sells its products through multiple channels, which include owned stores, franchise stores, and various online platforms.