Festive Surge: Senco Gold & Diamonds Shines with Robust Sales Growth

Senco Gold & Diamonds reported an impressive sales performance, achieving over Rs 1,700 crore in October due to strong festive demand during Diwali and Dhanteras. Gold's value increased by 60% and diamonds by 32%. The company's prepared for upcoming demand with improved operational strategies.

Senco Gold & Diamonds has reported a remarkable sales gain, exceeding Rs 1,700 crore in October, driven by significant festive shopping during Diwali and Dhanteras. This represents a 56% increase compared to the previous year.

The company disclosed that gold experienced a 60% annual growth in value, while diamond sales climbed 32% year-on-year. Moreover, despite gold prices reaching a record high of Rs 1,32,294 per 10 grams by the end of October, sales volumes grew for gold by 4%, diamonds by 5%, and silver by 8%.

Managing Director and CEO Suvankar Sen noted that these figures signal strong customer optimism and prepare the company for heightened demand in the impending wedding season. Senco Gold & Diamonds is focusing on optimizing operating leverage, EBITDA, and inventory management to enhance financial returns.

(With inputs from agencies.)