Senco Gold sees nearly 8-fold rise in net profit

Kolkata: Jewellery retailer Senco Gold reported close to an eight-fold jump in its consolidated net profit to Rs 264 crore for the third quarter this fiscal, backed by around a 50% YoY increase in its revenue. The company posted Rs 33.5 crore net profit for the third quarter last fiscal.Revenue from operations in the third quarter rose to Rs 3,071 crore from Rs 2,046 crore in the corresponding period last fiscal, buoyed by healthy growth in both average transaction value and average selling price.On a QoQ basis, revenue growth was 30%. Senco Gold also saw the highest-ever third quarter retail sales.Senco Gold MD and CEO Suvankar Sen said, "We are pleased to report a quarter of historic success, crossing Rs 3,000 crore revenue, Rs 400 crore Ebitda and Rs 264 crore PAT for the quarter.""Despite gold prices touching record highs of Rs 1,40,000 per 10gm, a growth of 65% in the gold rate for the full year and 23% for the quarter, we witnessed huge demand during the festive season," Sen added.