Communication Details
• Date of submission: May 31, 2024
• Recipients: National Stock Exchange of India and BSE Limited
• Call date: May 24, 2024
• Key participants:
• Suvankar Sen (Managing Director and CEO)
• Sanjay Banka (CFO)
• Moderated by Devanshu Bansal (Emkay Global Financial Services)
• Transcript available on investor relations website
Company Performance Highlights
• Achievements:
• Launched a metaverse platform
• Entered new markets
• Opened 23 new stores (total: 159)
• Introduced sub-brand SENNES for lab-grown diamonds
• Launched 23 new jewelry collections
• Financials:
• Revenue increased by 28.5%
• PAT growth of 14.2%
• Notable rise in diamond jewelry sales
• Margin pressures due to competition and promotions
Financial Overview by CFO Sanjay Banka
• Key Metrics:
• EBITDA margin targeted above 8%
• Improved debt equity ratio from 1.24x to 1.10x
• Stable cash conversion cycle
• Slight increase in borrowing due to growth initiatives
• Cash Flow:
• Negative free cash flow but positive operating cash flow adjustments
Future Growth Strategy
• FY25 Goals:
• Target top-line growth of 18% to 20%
• Plans to open 15 to 20 new stores, focusing on Eastern and Northern India
• Adapting product offerings to local tastes
Market Challenges and Responses
• Concerns Raised:
• Increasing illegal gold imports
• Lack of hedging among local jewelers
• Management Response:
• Organized sector gaining market share
• Anticipation of industry consolidation for stable profitability
Regional Performance Insights
• Northern Region:
• Growth opportunities despite competition
• Impact of exports on gross margins discussed
Inventory and Pricing Strategy
• Inventory Buildup:
• Linked to rising gold prices and store expansion
• Average Sale Price (ASP):
• Increased to Rs. 41,600 for the year
• Gold jewelry ASP around Rs. 54,800
Ownership Structure and Expansion Plans
• Ownership Breakdown:
• 60% owned stores, 35% franchises, 5% exports/e-commerce
• Future Store Openings:
• Plans for 8 to 10 new stores, focusing on Eastern and Northern India
• Potential overseas expansion targeting Indian diaspora markets
Growth Projections and Margins
• Annual Growth Guidance:
• 18% to 20%
• Current Gross Margin:
• 15.3%, with a target to improve EBITDA margins from 7.3% to 8%
• Optimism for Future Growth:
• Anticipation of increased sales during wedding seasons and economic improvements post-June

Senco Gold Limited Earnings Call Summary (February 14, 2024)
Financial Performance Highlights
• Revenue Growth:
• Q3 revenue increased by 23.3% year-over-year to approximately INR 1,650 crores.
• Nine-month revenue rose by 25.8% to around INR 4,104 crores.
• Profit After Tax (PAT):
• 12.4% growth in PAT, reaching INR 109 crores for Q3.
• Total PAT for the year at INR 148.9 crores.
• EBITDA:
• EBITDA margin improved to 11% in Q3.
• Nine-month EBITDA increased to 7%.
Strategic Initiatives
• Store Expansion:
• 19 new stores added, totaling 158.
• Plans to open 18-20 new stores in FY'25.
• Market Focus:
• Emphasis on expanding in Tier 2 to 4 cities.
• Shift from unorganized to organized gold markets.
Regional Performance
• North Region Growth:
• Sales growth of 20%-22%, with potential for further expansion.
• South Region Performance:
• Strong same-store sales growth (SSSG) of 24%.
Lab-Grown Diamonds
• Market Dynamics:
• Increased supply but slower demand due to US economic conditions.
• Focus on design and retail experience to boost demand.
Financial Management
• Debt Levels:
• Debt increased to approximately INR 1,346 crores.
• Average cost of debt around 5.5% to 6%.
• Capital Expenditure:
• Expected capex between INR 55 crores to INR 65 crores for new stores and IT investments.
Customer Acquisition and Sales
• New Customers:
• 40-45% of transactions from new buyers.
• Average ticket size increased by 15-17%.
• Sales Growth:
• 75-80% of growth driven by same-store sales.
Future Outlook
• Market Share:
• Estimated market share in East jewelry market at 3%-4%.
• Plans to expand into other eastern states.
• Growth Strategy:
• Optimistic about seasonal sales and potential shifts in consumer behavior due to elections.

Senco Gold Limited Q2 FY24 Earnings Call Summary
Earnings Call Overview
• Date: November 10, 2023
• Transcript submitted to National Stock Exchange and BSE on November 15, 2023
• Key Management: CEO Suvankar Sen, CFO Sanjay Banka
Financial Performance Highlights
• Jewelry Demand: 7% increase in India's overall jewelry demand; diamond jewelry volumes up over 30%, value close to 50%.
• Revenue Growth: 26% increase in revenue for Q2 FY24 compared to the previous year.
• Profit After Tax: 30% increase reported.
• Store Expansion: Added nine stores in Q2, total now 153; plans for 18-20 new stores in FY24.
Market Trends and Insights
• Geopolitical Impact: Gold prices rose approximately 15-18% year-on-year.
• Seasonal Demand: Anticipated increase in demand during the upcoming wedding season, especially for lightweight and men's jewelry.
• Regional Performance: 32% year-on-year revenue growth in the east region.
Strategic Initiatives
• Great Place to Work Certification: Enhances team motivation.
• Sencoverse.com Launch: Pilot project for immersive online shopping experience.
• Debt Management: Improved debt-to-equity ratio post-IPO; funds allocated to working capital and inventory expansion.
Gross Margin and Store Strategy
• Gross Margin Outlook: Projected at 14.5% to 15% for FY24, slightly lower due to competitive pressures.
• Franchise Strategy: Clarified addition of four franchise stores; plans for 3-4 more by March 2024.
Consumer Insights
• Buying Patterns: Despite high gold prices, demand increased globally by 7% and 29% for Senco.
• Diamond Jewelry Focus: Shift towards diamond jewelry; aim for a 15% diamond-studded ratio in coming years.
Regional Performance and Future Plans
• Delhi NCR Performance: 20 stores in the north, with significant growth reported.
• Store Expansion Goals: Targeting 20-25 new stores annually over the next three years, aiming for 250 stores in four to five years.
Closing Remarks
• Optimism for Q3: Positive sales trends and preparations for the Dhanteras festival; strong consumer interest in gold and jewelry despite geopolitical uncertainties.

Senco Gold Limited Earnings Conference Call Summary
Date and Context
• Date of Call: August 16, 2023
• Financial Results: Quarter ending June 30, 2023
• Hosted by: Ambit Capital
• Key Executives: Suvankar Sen (MD & CEO), Sanjay Banka (CFO)
Jewelry Industry Insights
• Current Market Size: ₹4.5 lakh crore (~$58 billion)
• Projected Growth: Expected to reach $80 billion by FY26/FY27
• Organized Market Share: Anticipated increase from 33-38% to 45-50%
Company Performance Highlights
• Revenue Growth: 29% year-on-year to ₹1,304 crore
• EBITDA Margins: Improved to ₹69.91 crore (up 27%)
• PAT Growth: Increased by 22% to ₹27.67 crore
• Debt-to-Equity Ratio: Reduced from 1.2x to 0.84x post-IPO
Strategic Initiatives
• Store Expansion: Opened six new stores; plans for eight more
• Diamond Jewelry Sales: Increased share from 9-10% to 11% in Q1
• Digital Sales Contribution: 12% of total sales
Customer Engagement
• Swarna Yojana Scheme: Customer base reached 80,000, with a rise in first-time buyers
• Average Ticket Size: Increased from ₹55,000 to ₹66,000
Growth Projections and Challenges
• Conservative Growth Expectation: 15% to 20% moving forward
• Q2 Outlook: Anticipated turnover of around ₹1,000 crore despite seasonal challenges
Franchise and Inventory Management
• Franchisee Model: Focus on margins instead of royalties to encourage investment
• Hedging Policy: Dual approach using metal gold loans and futures/options
Regional Performance
• Growth Contributions: 29% overall growth, highest in the West
• Expansion Strategy: Similar model for North India as in West Bengal
Conclusion
• Commitment to Transparency: Ongoing engagement with stakeholders
• Focus on ESG Factors: Emphasis on social responsibility and strong inventory controls
Closing Remarks
• Gratitude Expressed: Suvankar Sen thanked participants for their engagement.