Shares of Senco Gold Ltd. faced selling pressure on Friday, January 10, following the company’s business update for the October to December quarter.

Gold prices rose 24% year-on-year during the quarter and 8% sequentially. Despite the price increase, Indian consumers continued to buy gold, spurred by a reduction in customs duties. The industry saw strong demand during the Dhanteras period and from the second week of December onwards.

Senco Gold achieved record sales, surpassing ₹1,000 crore in October 2024 and ₹2,000 crore in Q3 FY25. On a trailing twelve-month (TTM) basis, revenue exceeded ₹6,000 crore. The company maintains a growth target of 19-20% for the full fiscal year.

In Q3, the jeweler’s total revenue grew by 22% year-on-year, while the nine-month revenue rose 19% year-on-year. Retail sales growth remained steady at 19% year-on-year for Q3. Growth in Tier 3 and Tier 4 towns outpaced that of metro and Tier 2 cities, reflecting broader trends in the economy and retail consumption.

Same-store sales growth (SSSG) remained consistent within the 13%-14% range during the quarter.

The studded jewelry ratio held steady at approximately 10.5%. “We continue to invest in marketing, inventory buildup, and customer engagement programs to elevate the stud ratio, particularly in northern markets,” the company stated.

Senco Gold plans to open 18-20 new showrooms this year, including 10-12 franchise outlets, and is on track to meet its annual target.

Shares of Senco Gold are up more than 3 times from its IPO price of ₹317. However, the stock has corrected 30% from its peak of ₹1,544.

Shares of Senco Gold are currently trading 4.57% lower on Friday at ₹1,076.05.