Sky Gold Ltd Doubles Profit with Robust Sales and Expansion

Sky Gold Ltd reported a net profit surge to Rs 13.6 crore for Q4 2023-24, compared to Rs 6.1 crore the previous year, driven by robust sales and expanded operations. Total income for the quarter rose to Rs 513.4 crore. For the full fiscal, profit increased to Rs 40.5 crore from Rs 18.6 crore.

Sky Gold Ltd posted a more than two-fold jump in net profit at Rs 13.6 crore for the fourth quarter of the 2023-24 fiscal on robust sales, the jewellery firm said on Friday.

The company, which specialises in lightweight jewellery of 18 and 22-carat gold, reported a net profit of Rs 6.1 crore in the year-ago period.

Total income increased sharply to Rs 513.4 crore during the January-March quarter of 2023-24 fiscal, from Rs 269.9 crore in a year earlier, the company said in a statement.

For the full fiscal 2023-24, Sky Gold's net profit increased to Rs 40.5 crore, compared to Rs 18.6 crore in the previous year.

Total income increased to Rs 1,745.5 crore from Rs 1,153.8 crore in a year earlier.

''In December 2023, the company transitioned to a significantly larger facility located in Navi Mumbai, boasting a production capacity of 750 kg per month/year. This move has been instrumental in driving substantial growth,'' Sky Gold Managing Director and CFO Mangesh Chauhan said.

Looking ahead to FY25, the roadmap would be to increase capacity utilisation at the new facility to 50 per cent on an annualised basis, increase investments in IT and automation for scaling up operations and other areas, he added.

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