Sky Gold & Diamonds Q4 net profit rises 180 percent to Rs 38 crore
Sky Gold & Diamonds Ltd reported a 180 percent jump in net profit to Rs 38 crore ($4.5 million) for the fourth quarter ended March 31, as against Rs 14 crore in the year-ago period.
The company's revenue for the quarter rose by 106 percent to Rs 1,058 crore, as against Rs 513 crore in the corresponding quarter of the previous fiscal year.
For the full financial year, the company reported a 227 percent year-on-year increase in net profit to Rs 133 crore on a sales revenue of Rs 1,058 crore.
The company recently acquired 100 percent stake in Mumbai-based jewellery manufacturer Ganna N Gold for Rs 225 crore to foray into manufacturing of machine-made and handmade bangles.
Going forward, Sky Gold aims to strengthen its market presence and expects the recent enhancement of its manufacturing to fuel its growth in the country's jewellery market.
Founded in 2008, the Mumbai-based Sky Gold works on business-to-business model with leading jewellery retailers like Malabar Gold, Joyalukkas, Kalyan Jewellers, Senco Gold among others.
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