Senco Gold Total Sales Rise 9% In Q1, Expected To Grow At 18-20% This Year

Senco Gold and Diamonds reported retail sales growth of 11% and same-store sales growth of 4% in the first quarter of fiscal 2025, according to its business update issued on Monday.

"Akshay Tritiya's auspicious period performance was as per our expectations, with year-on-year growth of 21% as against the same period last year, despite the extreme heatwave across the country, Lok Sabha elections and low wedding days in Q1," the filing said.

The average transaction value and average selling price were reported to have risen by 12%. The total sales growth was 9% YoY in the first quarter of fiscal 2025 (including exports, e-commerce, corporate, digital products and more).

"Senco has maintained a healthy CAGR growth of 21% in the last five years and is expected to grow at 18%–20% this year too," the company said.

The company attributed this to "successful execution of marketing and branding strategies" to attract footfalls during regional traditional New Year's celebrations such as Bihu, Gudi Padwa, Poila Baisakh, Baisakhi and Akshay Tritiya.

They also attributed it to launching new collections such as the Gathbandhan Wedding collection (to help customers get a headstart on wedding shopping for limited summer wedding dates or year-end weddings) and lightweight Everlite diamond collections like Ribbon, Forest Queen, Pleat and more.

Senco Gold announced the launch of their new product, Senco Gold Beans, which they branded as "India's first tablet-sized gold beans." Aimed at young investors, the company said that this product would provide accessible means towards gradual wealth cultivation.

In the first quarter of fiscal 2025, they added six new showrooms, taking the total showroom portfolio to 165. The new addition includes four owned and two franchised outlets.

The company said they have a "strong funnel" of new showrooms throughout the year to boost their planned growth.

"We are readying for wedding buying in Q2 and H2, which includes festivals like Rath Yatra, Independence Day period, Teej, Durga Puja, Navratri, Dhanteras/Diwali and weddings, etc.," the company said in the filing.