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HDFC Securities Institutional Equities
We recently interacted with Senco Gold Ltd.’s CFO, Mr Sanjay Banka, who expressed continued confidence in achieving 18-20% revenue growth and 12-13% same store sales growth in FY25, with gross margin and Ebitda margin (Ebitdam) guidance of 14.5-15% and 7-8%, respectively.
Additionally, demand in July and August has been healthy, with most SSSG gains expected to come from increased footfall.
However, the company has revised its store addition target to 18-20 stores for FY25, as rising gold prices could impact the inventory available for the year. The stock is currently trading at 54 times FY24 price/earning.
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