Senco Gold Records 23% Net Profit Growth in Q1

16 Aug 2023 , 01:13 PM

Senco Gold reports a 23% increase in consolidated net profit for Q1 FY23, reaching Rs 27.6 crore compared to Rs 22.5 crore in the previous year’s corresponding quarter. Revenue from operations sees a significant jump of 30%, totaling Rs 1,305 crore in the June quarter, compared to Rs 1,007 crore in the same period last year.

Sequentially, profit after tax grows by 6% from the preceding March quarter, reaching Rs 27.6 crore. Remarkable operational growth is evident with a 60% quarter-on-quarter increase in revenue from operations.

Senco Gold’s debut on the stock exchanges results in a 36% premium over the issue price, offering promising returns to investors. The Rs 405 crore IPO includes both fresh issues and an OFS segment, with Rs 270 crore for fresh equity and Rs 135 crore for OFS. Fresh issue net proceeds allocation includes Rs 196 crore for working capital funding and the rest for general corporate purposes.

The IPO gains substantial investor interest, oversubscribed by 73.34 times and driven by strong bidding from QIBs subscribing 180 times to the QIB-part. With a retail network of 136 showrooms across 13 states/UTs and 96 cities, Senco Gold positions itself with a robust presence. The company’s diverse product portfolio extends from gold and diamond sales to various jewelry crafted from different metals and stones.

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