Senco Gold Shines with 1.6% Profit Growth Amid Festive Season

Senco Gold has reported a 1.6% growth in profit after tax for the second quarter of 2024, reaching Rs 12.1 crore. The company saw a significant revenue rise, driven by strong rural demand and a reduction in gold duty, despite high gold prices affecting some customers.

Senco Gold, a prominent jewellery retailer, announced a 1.6% increase in its consolidated profit after tax, amounting to Rs 12.1 crore for the second quarter ending September 2024. This is a slight rise from Rs 11.6 crore in the same period of the previous year, as per the company's regulatory filing.

The retailer experienced a substantial 30.86% surge in revenue from operations, reaching Rs 1,500.5 crore compared to Rs 1,146.6 crore the previous year. The growth was propelled by robust demand, bolstered by duty cuts and increased purchases from rural areas amidst a backdrop of high gold prices.

Company shares closed at Rs 1,077.95 each on Friday, reflecting a 1.71% uptick on the BSE. Suvankar Sen, Managing Director and CEO, highlighted the strong performance during a challenging festive season, attributing it to strategic measures and a resurgence of demand in tier II, III, and IV cities.

(With inputs from agencies.)