New Delhi: Sky Gold Limited (SGL), a prominent jewellery company based in Mumbai, specializing in the creation, production, and promotion of gold jewellery, has announced its unaudited financial results for the quarter ended June 30, 2024.
Mr. Mangesh Chauhan, Managing Director and Chief Financial Officer, stated, "In the first quarter of FY25, Sky Gold Ltd experienced remarkable growth. Our income from business activities increased by 92.4% compared to the previous year, reaching ₹723 crore. EBITDA doubled to ₹37.3 crore, and our net profit surged by 98.9% to ₹21.2 crore. Our recent move to a larger facility in Navi Mumbai has significantly boosted our production capacity, contributing to this impressive performance."
"Our capacity utilization in Q1 FY25 was at 33% of total capacity, including capacity from acquisitions. This demonstrates our ability to expand operations and strengthen our position in the gold jewellery industry in India and globally. The recent mergers of Starmangalsutra and Sparkling Chains into Sky Gold align perfectly with our expansion strategy. These acquisitions are expected to enhance our profitability by leveraging the synergies they bring to our business. By consolidating our operations, we are extending our market reach and increasing product availability across various retail locations."
Looking ahead to FY25, our objectives include increasing capacity utilization at the new facility, upgrading IT systems and automation, implementing an ERP system, strengthening our mid-management and regional sales teams, and utilizing gold metal loans to optimize our financials for greater profitability and reduced borrowing costs. We believe these initiatives will help us achieve our target revenue of ₹6,300 crore by FY27, with plans to increase our capacity utilization from 750 kg to 1,050 kg per month within the next three years following our recent acquisitions.
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