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Senco Gold predicts 15-18% YoY growth in Q2 due to increased footfalls post-gold duty reduction. In Q1, the company saw a 21% sales rise while Senco Gold’s share price surged 15.6% to ₹927.20, reflecting robust investor confidence.
Suvankar Sen, MD and CEO of Senco Gold, recently highlighted the positive impact of the recent reduction in gold duties on the company’s performance. In an interview with CNBC Awaaz, he revealed that this move has significantly boosted footfalls and sales, particularly as the festive season approaches.
Sen expressed optimism about achieving a 15-18% year-on-year (YoY) growth in Q2, driven by the increased demand in eastern and northern India. The company is gearing up for a robust festive season, expecting strong consumer response in these regions, which have traditionally shown high demand for gold and jewellery.
Despite facing challenges such as extreme heat and the Lok Sabha elections, Senco Gold delivered a strong performance in Q1. During the first 41 days, which included the Akshay Tritiya festival, the company recorded a 21% YoY growth in sales. Events like the ‘Bangle Utsav’ played a crucial role in maintaining healthy margins during this period.
The government’s recent adjustment to the gold duty drawback rate is expected to further support Senco Gold's growth, particularly in the export market. This move is seen as a crucial step in ensuring the company remains competitive amid fluctuating global gold prices.
Following these strong business updates, Senco Gold's share price surged 15.6% to ₹927.20, hitting new highs and pushing the company’s market capitalisation to over ₹7,200 crore. The Senco Gold share price has climbed approximately 160% from its 52-week low of ₹358.25, reflecting strong investor confidence in the company’s growth strategy.
Senco Gold’s share price closed at ₹1,098 on Monday, 0.63% higher. Over the past 12 months, the stock has delivered a remarkable return of 165.47%, underlining the market’s faith in the company’s future prospects.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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