Senco Gold October sales grew by 56 pc to Rs 1,700 crore driven by festive buying

Mumbai, Nov 6 (PTI) Jewellery retailer Senco Gold & Diamonds on Thursday said it has clocked sales of over Rs 1,700 crore in October, backed by robust festive buying for Diwali and Dhanteras, registering a 56 per cent on-year growth.

In terms of value, gold witnessed a 60 per cent on-year growth for Senco Gold & Diamonds, while diamonds rose 32 per cent year-on-year, the company said in a statement.

Despite soaring gold prices that reached a record high of Rs 1,32,294 per 10 grams on October 31, the company's sales grew both in volume (4 per cent in gold, 5 per cent in diamonds and 8 per cent in silver) and value.

"These record numbers reflect a very positive customer sentiment, indicating which way the graph will go in the months to come. We are fully prepared to meet the strong demand in the upcoming wedding season and through Q3 and Q4.

"We are rigorously working on ensuring operating leverage, enhanced EBITDA, and improvement in Inventory Management to enhance Return on Capital Employed (ROCE) and Return on Equity (ROE)," Senco Gold & Diamonds Managing Director and CEO Suvankar Sen said. PTI SM SHW