Sky Gold, one of the leading players in the diamond and gold jewellery industry, saw a 5.0% decline in its stock price on December 20, 2024. This drop continues a downward trend that has persisted for the past 3 days, during which the stock has fallen by a total of ~15% on BSE. On December 20, Sky Gold shares price opened at ₹419.3, showing a gap down and reaching an intraday low of ₹419.3.
On December 17, 2024, the Board of Sky Gold approved the allotment of 13,18,86,054 fully paid-up equity shares of ₹10 each as bonus shares in a 9:1 ratio. As a result, the paid-up equity share capital increased to ₹146,54,00,600, divided into 14,65,40,060 equity shares of ₹10 each.
Sky Gold delivered impressive financial results in Q2FY25, with revenue from operations growing by 94.2% year-on-year to ₹768.8 crore. EBITDA rose by 154.3% to ₹38.8 crore, reflecting strong operational efficiency. Profit After Tax (PAT) saw a remarkable increase of 405.2%, reaching ₹36.7 crore, while the PAT margin improved by 294 basis points to 4.8%.
To further strengthen its financial position, Sky Gold raised ₹270 crore through a Qualified Institutional Placement (QIP), bolstering its working capital and supporting expansion plans. The company also successfully integrated its recent acquisitions, Sparkling Chains and Starmangalsutra, and aims to achieve ₹500 crore in sales by Q4FY25. Additionally, Sky Gold expanded its client portfolio by securing partnerships with prominent brands such as CaratLane and P.N. Gadgil Jewellers, enhancing its presence in the industry.
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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.
Published on: Dec 20, 2024, 11:21 AM IST
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