Senco Gold Q3 net profit down 69 percent to Rs 33 crore

Jewellery maker Senco Gold Ltd reported a 69 percent decline in net profit to Rs 33 crore ($3.8 million) for the third quarter ended December 2024, as against Rs 109 crore in the year ago quarter.

However, the company’s revenue for the quarter rose by 27 percent to Rs 2,103 crore, as against Rs 1,652 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Suvankar Sen, managing director CEO of Senco Gold in a statement said, “High volatility was observed in gold prices during Q3, recording a 22% year-on-year (YoY) increase and 20% increase since April 2024. However, consumer demand for gold remained robust throughout Q3. The reduction in customs duties during Q2 rather acted as tailwind for Q3 sales, especially during Dhanteras and Diwali.”

“This quarter marked a milestone for us, as we achieved the highest-ever Q3 revenue of Rs 2,000 crore and a single-month revenue of Rs 1,000 crore during the Dhanteras month, reflecting a robust 22% YoY growth,” he added.

During the current financial year, Senco Gold has expanded its retail presence by opening 12 new stores taking its count to 171 which includes 70 franchise stores. It plans to open 8-10 new showrooms in Q4 FY25, including 5-7 franchise outlets.