Sky Gold PAT Soars 117% YoY, Reaches 40 Crore in FY24

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 Audited Standalone And Consolidated Financial Results For The Quarter And Financial Year Ended 31st March 2024.

Q4FY24 Consolidated Financial Performance Snapshots (y-o-y)

- Revenue from Operations grew by 90.2% y-o-y to Rs.513.4 crores
- EBITDA grew by 117% to Rs. 25.3 crores
- Profit Before Tax grew by 130% to Rs. 18.1 crores
- Profit After Tax (PAT) grew by 124% t o RS. 13.6 crores

Operational Highlights:

- Consolidated Revenues from Operations for Q4 FY24 stood at Rs. 513.4 Crs and FY24 stood at Rs. 1745.5 Crs. Thus, registering a growth of 90.2% and 51.3% respectively on y-o-y basis.

- EBITDA for the current quarter stood at Rs. 25.3 Crs. registering a growth of 117% on y-o-y basis and for FY24 stood at Rs. 77.2 Crs. growing by 113% on y-o-y basis.

- PAT for Q4 FY24 stood at Rs. 13.6Crs. registering a growth of 124% as compared to the same quarter for the previous year and FY24 stood at Rs.40.5Crs. registering a growth of 118% on y-o-y basis.

Commenting on the Results, Mr. Mangesh Chauhan, Managing Director and Chief Financial Officer said, - "Sky Gold Ltd has achieved remarkable growth in the fiscal year, with Revenue from Operations increasing by 90.2% year-on-year to Rs. 513.4 crores. Our EBITDA grew by an impressive 117% to Rs. 25.3 crores, and our Profit After Tax surged by 124% to Rs. 13.6 crores.

In December 2024, the company transitioned to a significantly larger facility located in Navi Mumbai, boasting a production capacity of 750 kg per month/year. This move has been instrumental in driving substantial growth, evident in our recent performance metrics. In Q4 FY24, our capacity utilization stood at 40% of the total capacity as compared to 35% in the previous quarter, underscoring our capacity to expand operations and establish ourselves as a leading player in designing, manufacturing, and marketing of gold jewelry industry domestically as well as globally.

Looking ahead to FY25, our roadmap would be to increase capacity utilization at our new facility to 50% on an annualized basis, increase our investments in IT and automation for scaling up our operations, implementation of ERP system, strengthening of mid management team and regional sales team, optimizing financial of the company by leveraging use of gold metal loan leading to better profitability and reduced borrowing cost.

We as a company are highly confident that the aforementioned measures will enable the company to stay committed in achieving its target of INR 5000 Crores in revenue by FY27, while aiming for a capacity utilization of 750 kgs per month within the next three years."

Shares of Sky Gold Ltd was last trading in BSE at Rs. 1175.80 as compared to the previous close of Rs. 1235.90. The total number of shares traded during the day was 4594 in over 335 trades.

The stock hit an intraday high of Rs. 1228.00 and intraday low of 1174.15. The net turnover during the day was Rs. 5428546.00.

Source : Equity Bulls

Keywords

SkyGold INE01IU01018 Q4FY24 FY2024 ResultUpdate FY24