Mumbai, January 29, 2024 – Sky Gold Limited (SGL) one of the leading jewellery companies based in Mumbai engaged in the business of designing, manufacturing and marketing of Gold jewelleries reported its Unaudited Financial Results for the quarter ended on December 31, 2023.
Q3FY24 Standalone Financial Performance Snapshots (y-o-y)
- Revenue from Operations grew by 72.2% y-o-y to Rs.460.4 crores
- EBITDA grew by 48.5% to Rs. 18 crores
- Profit Before Tax grew by 35.7% to Rs. 12 crores
- Profit After Tax (PAT) grew by 40.8% to RS. 8.9 crores
Key Financial Highlights
| Particulars (Rs. Crs.) | Q3 FY24 | Q3 FY23 | y-o-y | Q2 FY24 | q-o-q | 9M FY24 | 9M FY23 | y-o-y |
| Revenue from
Operations |
460.4 | 267.4 | 72.2% | 396.0 | 16.3% | 1,232.1 | 883.9 | 39.4% |
| EBITDA | 18.0 | 12.1 | 48.5% | 15.3 | 18.3% | 51.9 | 24.6 | 110.8% |
| EBITDA Margins (%) | 3.9% | 4.5% | 3.9% | 4.2% | 2.8% | |||
| Profit Before Tax | 12.0 | 8.8 | 35.7% | 9.7 | 22.7% | 36.0 | 17.1 | 109.9% |
| Profit After Tax | 8.9 | 6.3 | 40.8% | 7.3 | 22.9% | 26.9 | 12.5 | 114.5% |
| PAT Margins (%) | 1.9% | 2.4% | 1.8% | 2.2% | 1.4% |
Operational Highlights
- a)ConsolidatedRevenues from Operations for Q3 FY24 stood at 460.4 Crs and 9M FY24 stood at Rs. 1,232.1 Crs. Thus, registering a growth of 72.2% and 39.4% respectively on y-o-y basis.
- b)EBITDA for the current quarter stood at Rs. 18.0 Crs. registering a growth of 48.5% on y-o-y basis and for 9M FY24 stoodat 51.9 Crs. growing by 110.8% on y-o-y basis.
- c)PATfor Q3 FY24 stood at 8.9 Crs. registering a growth of 40.8% as compared to the same quarter for the previous year and 9M FY24 stood at Rs. 26.9 Crs. registering a growth of 114.5% on y-o-y basis.
Commenting on the Results, Mr. Mangesh Chauhan, Managing Director and Chief Financial Officer said, – “Company has made notable strides in its ability to constantly innovate and introduce new products across business segments at various price points catering to a wide spectrum of consumers.
Our new facility at Navi Mumbai has become operational in August 2023 which has a capacity of producing 750 – 800 kg per Month/year and currently we have achieved 60% capacity utilization. We intend to grow our revenue at 30% CAGR for upcoming years by consistently increasing our wallet share with our existing customers while also adding new marquee customers. We have put in place a two-pronged strategy to achieve the same. The first is to expand our product portfolio – doubling from current 3000 offerings to about 7000 per month. This expansion will be through to introducing new metals such as white gold, platinum and studded jewellery as well as foraying in new segments like mangalsutra, chains, antique bridal jewelleries etc. Our second strategy is to expand our footprint beyond the domestic market to have meaningful export contribution from markets of SEA, MEA and USA.
Both of our expansion strategies will be ably supported by the enhancement in our manufacturing capacity as we plan on adding~30,000 moulds every year to fulfil increasing demand; and strengthening our designing capability by doubling headcount of our in- house design team from 100 to ~200-250. These ability enhancements will ensure we stay on top of evolving consumer preferences while being a quality partner for our clients. Our unrelenting focus on ‘quality operations at scale’ have made us the preferred choice of supplier for many jewellery manufacturers and we intend to build on this trust going forward.”
About Sky Gold Limited
Established in 2008 Sky Gold Limited, is one of the leading jewellery companies based in Mumbai. The Company has been engaged in the business of Designing, Manufacturing and Marketing of gold jewellery. The Company is specialised in light weight jewellery of 22 Carat gold. The Company manufactures jewellery through casting. The Company make Plan Gold Jewellery, Studded Gold Jewellery and Turkish Jewellery.
The Company works on B2B model with leading Jewellery Retailers like Malabar Gold and Diamonds, Joyalukkas, Kalyan Jewellers, GRT Jewellers and Samco Gold. The Company also works with large wholesalers. With this Sky Gold products are available at more than 2,000 showrooms across India.
SGL manufactures it’s Jewellery in it’s 81,000 Sq Ft manufacturing facility in Navi Mumbai India with the help of German and Italian Equipment. The Company is having capacity of processing 750 Kg Gold per month. The Company has design library of more than 5,00,000 designs of rings, bracelets, bangles, fancy pendants, earrings etc. The Company got listed on the BSE SME platform in the month of October 2018 and Migrated to the Mainboard of BSE and NSE in the month of January 2023.
