Senco Gold (SENCO) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 saw a 27% YoY revenue growth, with gold value up 30% and diamond value up 9%.

• H1 FY25 revenue grew 18.5% YoY to INR 2,904 crore, with EBITDA up 50% and PAT up 60% despite a one-time customs duty impact.

• October sales hit a record INR 1,000 crore, driven by festive and wedding demand.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2024 were reviewed and approved by the Board and Audit Committee on 13 November 2024.

• Statutory auditors issued limited review reports with no material misstatements identified in both standalone and consolidated results.

Financial highlights

• Standalone revenue from operations for Q2 FY25 was ₹14,586.82 million, up from ₹11,444.04 million in Q2 FY24; consolidated revenue was ₹15,004.87 million, up from ₹11,465.57 million year-over-year.

• Standalone profit after tax for Q2 FY25 was ₹168.32 million, compared to ₹120.15 million in Q2 FY24; consolidated profit after tax was ₹121.22 million, up from ₹119.48 million year-over-year.

• For the half year ended 30 September 2024, standalone profit after tax was ₹533.44 million, up from ₹404.88 million in the prior year period; consolidated profit after tax was ₹512.72 million, up from ₹396.16 million.

• H1 EBITDA rose from INR 106.7 crore to INR 160.7 crore YoY; PAT increased from INR 39.6 crore to INR 63.4 crore.

• Q2 saw a one-time customs duty impact of INR 29.83 crore, with a total expected impact of INR 58-60 crore for the year.

Outlook and guidance

• FY25 revenue growth guidance is 18% YoY, with bottom-line growth targeted at 15-18%.

• SSSG for Q2 was 20%, H1 at 12%, and Q3 expected in the 12-15% range.

• Gross margin expected to normalize at 15-16% for the full year.

• Store addition target remains 18-20 for the year, with 6-7 company-operated and 4-5 franchisees in the pipeline.

• Management and auditors confirm compliance with Indian Accounting Standards and SEBI regulations; no forward-looking guidance provided.