Senco Gold shares surged by 15.58% to reach a new all-time high of ₹850 apiece in early trade.
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The boost in share value followed the release of the company's Q3FY24 business update.
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Senco Gold reported its highest-ever Q3 revenue, marking a 24% growth compared to the same period in the previous fiscal year.
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Key factors contributing to the surge included Dhanteras offers, festive promotions, and wedding offerings, enhancing footfall and sales.
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The company achieved nearly a 40% increase in footfall and a 6% rise in invoices, contributing significantly to overall growth.
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Despite rising gold prices, Senco Gold achieved a remarkable 9% volume growth in gold and an impressive 27% volume growth in diamond jewelry.
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The old gold exchange accounted for 33% of total sales, with a shift towards organized and Senco as the preferred jeweler.
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Same Store Sales Growth (SSSG) contributed about 17% to the total 24% growth in Q3 FY24.
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Senco Gold consistently improved the stud ratio, achieving a stud ratio performance of 13.2% and launching 19 showrooms over the last nine months.
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The stock, listed in July of the previous year, is currently trading at a 157% premium over its IPO price, and SBI Securities initiated coverage with a 'buy' rating and a target price of ₹920 apiece.