Senco Zoomed Over 15% After Release of Q4 FY2024 Updates

The retail jewellery showroom operator Senco Gold Ltd announced its business update for the quarter (Q4 FY2024) and year (FY 2024) ended March 31, 2024. The company recorded a YoY growth of 39% and 28% in Q4 FY2024 and FY2024, respectively. In spite of the rising gold prices, the company recorded a YoY growth of 13% in volume and 19% volume growth in diamond during the year ended March 31, 2024. The old Gold Exchange as % of sales increased from 29% to 32% YoY, out of which almost 65% of Old Gold was from non-senco customers, indicating a shift from non-organised to organised.

During FY2024, same-store sales growth (SSSG) was 19% of retail sales growth, 23% of the total 30% of retail sales growth during Q4, giving a significant impetus for growth. The company has achieved consistent improvement in stud ratio; blended (own showroom and franchisee showroom) stud ratio rose to 11.4% as compared to 10.4% in FY 2023. The company’s own showrooms achieved a stud ratio performance of 13.1% during the year ended March 31, 2024.

During FY2024, the company launched 23 showrooms on a net basis, out of which 4 showrooms were opened in Q4 FY2024. This brought the total showroom portfolio to 159, the highest-ever expansion since the inception of the business. During the year ended March 31, 2024, Senco launched 5 FOFO and 18 COCO showrooms.

Senco has opened 2 new SENNES stores in Kolkata as part of its SENNES strategy. The company’s asset-light strategy is the foundation for its strategic focus on the East and North markets, which is followed by measured expansion into the West, Central, and South. East saw the most expansion for the company(14), then North (3), Central (3), South (2), and West (1).

The company further stated that it is the 1st Indian Jewellery brand to join ONDC (Open Network for Digital Commerce) Network. This integration marks a crucial step for Senco Gold and Diamonds, as it will now make its extensive catalogue accessible on multiple shopping apps within the growing ONDC Network. This collaboration will also align seamlessly with the company’s visionary commitment to the ‘Make in India’ initiative, thus strengthening its presence across the nation.

About Senco Gold Limited

Senco Gold Limited is a jewellery retailer and one of the leading organised jewellery retail players in the eastern region of India based on the number of stores it has.

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