Sky Gold Share Price Drops 5% to ₹464.15

Sky Gold share price is ₹464.15, down 4.99% as of December 18, 2024, 11:23 AM. The stock opened and peaked at ₹485, with a 52-week high of ₹488.55 and a low of ₹89.30.

Share price performance 

Sky Gold Ltd’s share price is ₹464.15, reflecting a 1.34% increase over the past 5 days, a 35.72% rise in the past month, a 255.92% growth in the past 6 months, a 365.73% surge year-to-date, a 319.25% rise in the past year, and an impressive 1,963.81% increase over the past 5 years.

Recent Developments

Sky Gold Limited has announced the incorporation of a wholly-owned subsidiary in India, named “Sitaare Gold and Diamonds Limited.” This was approved in the Board meeting held on November 29, 2024. The company clarified that the name “Sitaara Gold and Diamonds Limited” was mistakenly listed in an earlier filing. 

Financial Highlights

Sky Gold reported a remarkable 405.65% increase in its net profit, which rose to ₹36.71 crore for Q2 FY24. This surge was driven by a 94.17% rise in revenue, which reached ₹768.84 crore.

The profit before tax (PBT) also saw a massive jump of 374.13%, reaching ₹46.18 crore compared to ₹9.74 crore in the same quarter last year. However, total expenses increased by 91.78% year-on-year to ₹742.41 crore. Key expenses included a 93.22% rise in the cost of materials consumed (₹723.62 crore), a 117.31% increase in employee benefit costs (₹6.15 crore), and a 102.6% rise in finance costs (₹10.13 crore) during the quarter.

About Sky Gold Limited

Sky Gold Limited designs, manufactures and sells gold jewellery. The company operates on a B2B model, primarily selling its products to mid-range jewellers and boutique stores. These retailers then sell the jewellery through online platforms and physical stores. The company mainly offers 22 Karat gold jewellery, with a wide range of designs to cater to the preferences of its customers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.