Senco Gold share price jumps over 15%, hit new record high on strong Q3 update
₹850 apiece in early trade on Thursday. This positive response from investors follows the release of the company's Q3FY24 business update on Wednesday after market hours. The company marked its highest-ever Q3 revenue, experiencing a consistent trend across various geographies and channels.
In Q3 FY24, the company achieved a revenue growth of 24% compared to the same period in the previous financial year and 26% YoY growth in the first nine months of FY24. Also Read: Polycab India share price cracks 20% to hit lower circuit on reports of I-T raid This robust surge can be attributed to key offers such as the Dhanteras offer, pujo/festive offer, and wedding offerings, which helped in enhancing footfall and catalysing the sale in line with market sentiments, according to the company's exchange filing. Notably, the company achieved nearly a 40% increase in footfall and a 6% rise in invoices, contributing significantly to overall growth.
Despite the upward trend in gold prices, the company achieved a commendable 9% volume growth in gold and an impressive 27% volume growth in diamond jewellery. Also Read: Continued high gold prices expected due to global factors, says Tapan Patel "The old gold exchange accounted for 33% of total sales made, and almost 70% of old gold was from non-Senco customers, indicating a shift from non-organised to organised and Senco as the preferred jeweller," the company said. Same Store Sales Growth (SSSG) contributed about 17% out of the total 24% growth in Q3 FY24.
The 9-month SSSG was 19% out of a total 26% YoY growth. Meanwhile, the company achieved a consistent improvement in the stud ratio (Diamond Jewellery as a percentage of total turnover). Its showrooms achieved a stud ratio performance of
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