Senco Gold Ltd. (NSE: SENCO) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Suvankar Sen — Managing Director & Chief Executive Officer
Sanjay Banka — Chief Financial Officer
Dhaval Raja — Chief General Manager
Analysts:
Unidentified Participant
Vaishnavi Mandhaniya — Analyst
Mihir Shah — Analyst
Devanshu Bansal — Analyst
Videesha Sheth — Analyst
Bhavya Gandhi — Analyst
Rupesh Tatia — Analyst
Himanshu Shivhare — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Senco Gold Ltd. Q1FY26 earnings conference call hosted by Anandraathi Shares and Stockbrokers Ltd. As a reminder, all participants line will be in. Listen only more and there will be an opportunity for you to to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Vaishnavi Mandanya from Anandrati’s Shares and Stock Brokers Limited. Thank you. And over to you, ma’.
Vaishnavi Mandhaniya — Analyst
Am. Thank you. Good morning everyone. On behalf of Anandjati Sharen’s stockbrokers, it’s our pleasure to host the 1QFY 26. Earnings conference call for Senco Gold. From the management side Today we have Mr. Sohankar Sen, MD and CEO and. Mr. Sanjay Banka, the CFO. Now hand over the call to the management for their opening remarks followed by a Q and a session. Thank you.
Suvankar Sen — Managing Director & Chief Executive Officer
Thank you. Thank you very much. Good morning all my dear esteemed investors today, myself, Mr. Banka and many of our team members, namely Mr. Dhaval Raja who is heading our sales. We are all joining for the conference call with all of you. Just to kind of update you that today I am joining from my home because I’m under the weather. So my team is in the office. I’m at the home. So there could be some coordination, delays or any kind of thing. So kindly take note of it and we shall otherwise continue with the call. The good part is that as we begin this financial year and we look. At the results and the numbers of. Quarter one on behalf of Senco Golden Diamonds, we are extremely happy and extremely delighted to inform the that overall the performance of the company in terms of top line, in terms of bottom line has been extremely robust and very, very encouraging. If we look at the particular quarter before we get into the numbers and we look at the overall macroeconomic scenario, we are all aware that this quarter, while there was the Akshay Titya and Pailabaishak and New Year’s in many, many states which gave a very strong platform as an auspicious season for the consumers to come and buy at the same.
Time, you know, there are macroeconomic geopolitical. Tensions that we continue to see. And that has led to the increase of gold prices about 5% quarter on quarter and about 30% compared to the previous year’s similar quarter. But in spite of the increase in gold prices. We have seen that the consumers have. Continued to come and buy and purchase. Jewelry in terms of the growth that we have seen that the revenue has been up for the retail side of upward of 28%. And the same store sales growth which is a very good indicator of the loyalty of the consumer, of the commitment and the effort that the teams are putting has been upward of 19%. And overall if we look at the. Bottom line, the profitability we have seen that we have seen last year’s quarter to this year’s quarter profit pat growth of upward of 100% where we crossed 100 crore PAT for this particular quarter. And this reason of a very good pat that we could achieve has been led by two to three reasons. We have seen that in terms of the diamond jewelry sales, there has been a very strong demand and we have had a 35% year on year growth in terms of volume and above 50% in terms of value. Now you know, there could be a lot of thought processes, we have all been hearing for the past financial year that you know, the diamond prices have been on a downward trend and consumers.
Are losing their faith and trust on diamonds. So that was the situation that we had seen in the previous financial year. But if we look at it and see how what we are seeing in quarter four of the previous financial year and quarter one of this year, that with the gold prices going up so high, there has been a tendency of the consumers to buy diamond jewelry for their everyday wear basis or for their special occasions. So our stud ratio which was on an average of 9 to 9.5% in the previous financial year has moved up crossing 11% for this particular financial year.
Q1 with such a high growth, and that has been one of the major reasons why we could see that there has been a positive impact towards the profitability. At the same time we have also seen that there were certain uncertainties in terms of the gold metal loan interest that the banks were charging. And due to certain of the tariffs and certain of the policies that Mr. Trump was putting or the US had towards the gold loan, there was a short term impact of increase in interest rates on the metal gold loan. And as a proactive measure, what we had done is that in order to mitigate that high gold price, we were trying to mitigate it with increasing the making charges in certain categories so that those higher costs could be passed on.
And I think that those timely actions that we have taken by protecting our bottom line and by being extremely efficient with our planning has helped us in Order to ensure that we can cover the cost. And we have seen over a period of time that those interest rates that were increased at that point of time has gradually, over a period of time, come down. So, you know, that has been one of the major part where we could continue enjoying the benefit of those little higher interest rate. Because at what we have seen is that this whole season, because of the high goal rate, we had to continue to give discounts, to give offers, Whether it be for Akshay Titiya, whether it be for, you know, Rathi Yatra, which was in the month of June, or the necklace festival that we did.
But, you know, because of those management of the making charges, I think that there was a lot of intelligent action that we had taken that could help. Us in increasing our profitability. Also one thing that we have done for this particular quarter is that usually we have been, last financial year, maintained a hedging ratio of about 75 to 80% in this particular quarter in order to maintain the liquidity. In order to maintain that, yes, we could continue to focus on our business and not get impacted with the increase in gold price giving a higher amount of money towards margin. We had kept our hedging ratios about 55 to 60%. And I think that that has also worked in favor of the company and helped us ensure that the liquidity continue to remain strong and the profitability also continue to remain strong.
And one very important thing is the focus on efficiency. For the last six to eight months, we have appointed a particular consultant and tool and a software on which we are continuously working on driving efficiency at the store level. Exactly which stock, which design, what is moving at what store, and especially so more, because with the increasing in gold prices, we are seeing that the average ticket size and the weight range that we are selling to the consumer has been on a downward trend. The ability of the consumer to buy jewelry of higher quantity is getting impacted.
And we are proactively looking at the weight ranges that are getting sold and accordingly fulfilling those kind of designs and. Products at the store level. I think that that has also worked in our favor on the efficient planning and has led to a higher increase in terms of the margins. Now, what we could see in terms of certain good achievements for this particular quarter is that our focus on designing has continued to remain very strong. We have created more than 11,000 designs for this particular quarter. And I think that our design team, our merchandising team, are continuously working towards it. We are very much conscious that with this high gold price, 18 carat 14 carat, 9 carat. These are the future.
And we need to focus, whether be it in diamond jewelry or plain gold jewelry, so that we can continue to have the younger generation coming and buying from Senco or people who have a lower ticket size can come and buy from our brand. Because we always have always stood for design and we have stood for creating jewelry that could be afforded and bought by everyone and anyone. And we will continue to with that pursuit and focusing on the same. And in terms of the bridal, which is some kind of a purchase, no matter what the gold price is, consumers will buy.
So we had launched our Khushioki reit, the Legacy Tradition and the Legacy Collection, focusing on an ad campaign that the grandmother, the mother and the daughter, or rather the granddaughter is buying the jewelry from Senco, which we stand for. And I think that has kind of connected with the hearts of the consumer and they have continued to stay and buy for the wedding also. One very important thing that we have seen is the old gold exchange, which has become 40% of the total transactions that we are doing. So the fact that we are conscious that people might be having lesser liquidity and lesser ability to spend money on cash.
We have seen that the old gold Exchange was about 25% of the overall business maybe two to two and a half three years back. But that has become almost 40% of the overall transaction that we are doing and is helping the consumer to keep on coming back to the stores. This particular quarter, we have been able to open 10 stores, including one Senesce store. And I think that our overall aim for the financial year is to open 20 stores. We are very much in the journey of opening 20 stores. And our hope is that we might open one or two more stores, more than 20.
But surely our expected numbers of 18 to 20 stores will be achieved if we look at overall guidance in terms of the numbers that we want to achieve over the period of full year. In spite of the fact that, yes, this particular quarter we have grown by more than 30%. But as a guidance, we will continue to guide all of you that yes, 18 to 20% growth for the whole financial year shall continue to remain as we cross quarter two, move on to quarter three, have the dhantiras season, you know, experience it and how consumers are behaving on it.
We will be in a better position to up, you know, upward up our guidance. But for now we, I think that we should all aim for looking at a guided number of a 20% growth. At the same time, if we look at the EBITDA numbers. Mr. Banka, shall further on, you know, explain you with all the details, but I think we had initially guided about 6.8 to 7.2% EBITDA for the whole year. This particular quarter we have been able to perform and achieve very good numbers. But I think that that 7% EBITDA should be a conservative way of looking at the full year’s guidance.
And as we progress with the year, we will keep on updating you. And before I kind of give my closing remarks, what we want to tell you is that this particular quarter, quarter two, if we look back to the previous year particular this quarter, we had experienced the duty cut by the government on gold and that had led to a kind of a robust sales in the month of end of July and August. This year we do not have such an incident of any kind of duty cut unless we see the gold prices coming down.
So I think that the growth compared to last year Q2, this particular Q2 will again remain in the range of 18 to 20%, maybe 16 to 18% as on date if you look at it and you know, going forward, we are all planning for the Q3. We have the Durga Puja, the festivities starting from September. So everything has come ahead currently as we speak. We just finished off with Rakhi and then now the Independence Day offers and collection of chains have been launched for this particular Independence Day offer period. And I think the focus on the new collection for the bridals, for the men’s jewelry, for everlight everyday wear also we have seen that the silver and fashion jewelry has also had a lot of traction and has growth of upwards of 50, 60%.
So in this high gold price, I think that gifting for your loved and near and dear ones fashion, these will all become very, very critical and all aspects of the business has to be looked at. And obviously in order to ensure that the profitability remains, diamond jewelry will continue to remain our focus. And we are coming up with new collections in the field of diamond, whether be it necklace or small items. And with that full planning, this quarter two will be more towards gearing up for planning, for customer relationship building and for the fact that we all get ourselves fully prepared for the festive season that is coming up in the first part of quarter three.
So with this we would like to sincerely extend our gratitude to all of you for being a part of our team, for being a well wisher and gratitude to the whole team of Senco for giving their hard work and effort, for the wonderful achievement and the wonderful numbers of quarter one for financial year 2526. Thank you very very much.
Sanjay Banka — Chief Financial Officer
Yes sir, thank you. So building on what our MDS said there are few incremental points. One is that you have seen that the growth has been quite satisfactory. 30% growth on top line and EBITDA has grown by 68.8%. EBIT has grown by 78.3% and FAT has grown by 104%. And similarly the EBITDA margin has grown from 7.7% to 10.1% YoY but if you look at quarter four it has moved from 9.2% to 10.1%. Similarly the EBIT margin while YoY have moved up from 7.3% to 10.1%. But on Q, on Q it had moved from 8.9 to 10.1 and pact has come in the range of 5.7%.
So while these are the qualitative factors but as we have guided that on a sustainable basis we are looking at 6.8 to 7.3. It can be 7.3 or 7.4 but so we should see these numbers with a particular quarter perspective. I am also happy to announce you that in the month of April we achieved a top line of almost 1000 crore. And in the entire history of last five years, only last year October was around 1100 crore. So this superior achievement is clearly reflected due to our consistent focus on hyperlocal jewelry, the new stores we have launched and the Pan India story that is point one.
Secondly it’s important to understand that as you said earlier we don’t sell any bullion. In our case it’s only coin sale. So coin sale out of the total sale is only around 5%. That’s why we don’t see any dilution in our gross margin if we look at other factors. So within the growth, if we look at the growth prism the value growth in diamond is around 54% and volume growth is 36%. So we are seeing a consistent momentum in the diamond sale. And I also understand that a few mines have closed abroad, two to three mines have closed and the prices are likely to increase.
So this is going to be major tailwind for increasing the prices and when the prices will increase you will see an improved realization. What you’ve seen which is getting reflected in our superior gross marine for this quarter which is partly ascribed to the making charge increase, the better reliation and pricing on the diamond and a certain impact of higher gold price. And we’ve also stated that our growth which has come from Own store and franchisee store. The growth from both are slightly different but overall we are looking at this growth and we are confident that we achieve around 20 to 21% growth.
We are also happy to announce that ICRA has confirmed our credit rating for short term working capital requirement at ICRA A2 plus. Similarly, our investment in inventory is consistently increasing. If you look at the balance sheet numbers which we have published, it has increased to around 35,000 3,550 3,558 crores as against 3,300 crore in March 25 and 2457 crore in March 24. So from 2457 in March 24, within this 15 months it has increased almost by 40 to 50%. So this clearly shows that we have a commitment to growth. We have adequate working capital available with us and we will continue to grow in the range which you guided.
With that I close my remarks and thank you all and then we can start the Q and A session.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mihir Shah from Nomura. Please go ahead.
Mihir Shah
Hi sir, thank you for taking my question congress on a good set of numbers. So I wanted to check on how should one think about the impact of revenue if contribution of lightweight jewelry goes up can it impact the overall revenue growth as value of gold will be much lower for a 9 carat, 14 and 18 carat. And you know what, what percentage of sales are now coming from lightweight for you? Also a follow up is if you can also share are margins in your lightweight jewelry very different from your 22 karat and 18 karat.
So that’s you know my first question.
Suvankar Sen
So thank you. Mihir, am I audible? Yes.
Sanjay Banka
Yes sir, you’re audible.
Suvankar Sen
Okay, there’s a little echo happening. But what I want to you know, to answer to the question maybe I’ll give a few, you know to just give a guidance and you all can support with the data that our average ticket size overall whether it be the lightweight or heavyweight jewelry all put together is in the range of 70 to 72,000. And the good part for us and our products that we are selling to our consumer base is 60 to 70% of the products are below I would say 7, 8 grams. So with an average ticket size of 50, 60,000 rupees.
So it is not really the lower purity of products that there becomes a risk of the ticket sizes going down because you know, there is a range of 10 to 20 thousand rupees products, which is of the lower ticket size of 9 carat and 14 carat which is in demand for the young generation consumer. But in general, even if we look at a housewife who is across the age of 30, 35, 40 and we look at her purchasing power and the ticket sizes that she would be looking, it would be in the range of 40 to 55, 60,000 in the form of a earring or a pendant or a chain.
And it is only that the form or the design of the product is changing for the purpose of fitting into the budget of the consumer. But just by making it 9, 14 karat or 18 karat, I do not see it as a big risk that the overall ticket sizes will come down because consumers budget over a period of time because the gold prices have gone up by almost 30% year on year. You know, the consumer budget can get adjusted by maybe 8 to 10% depending on the growth of the economy, the income levels of the consumer growing and we are all confident of the India growth story.
So yes, over a period of time the consumer shall have its or her increased budget and the budget, even with lower ticket size in terms of weight, has gone up over the past year. So just to give allay your concern that I do not see much of a risk. Rather it is only going to be a solution that we will provide to the consumer by providing jewellery as most of it western and modern design, in 9 carat, 14 karat or 18 karat. And when it comes to bridal shopping where the consumers, irrespective of whether it’s 22 carat or 18 karat, people go for a higher ticket size item where it can be above 1 and a half, 2 lakhs, 3 lakhs upwards, 4, 5, 6, 7, it goes on like that.
So there, I think the ability of the consumer for a wedding is that yes, a part of it will be given with their old gold, a part of it will be given with their, you know, whatever, cash, credit card and all of that. So we’ll see a 10, 15% downward trend in terms of volume for that kind of bridal jewellery. But there again, 22 karat, 18 karat will be the main focus area. So that’s how it is. I do not see that much of Impact happening on the overall volume. We need to increase the number of consumer also as a part of the growth story with opening of new stores or even the same store sales growth of 19%.
So even if the stores can gain maturity, we are encouraging the stores to acquire newer and newer consumers. That is one. And in terms of the margin, I think that if it is plain gold jewelry, whether it’s 14 or 18 carat, it is of a smaller quantity. So there is not much impact in margin. But what we have seen is that Most of the 14 karat jewelry or 18 or 9 carat is studded with either diamonds or other stones. And just the way our diamond jewelry has a higher margin. So this 14 carat or 18 karat jewelry will have marginally higher margins than a plain gold jewellery.
So this is to answer to your question Mr. Banka, if anything you want to add, please.
Sanjay Banka
As sir has explained, if you look at our ASP, ASP has moved up from 48,000 rupees to around 52,000 rupees. So ASP has increased by almost 12%. And while the gold prices have increased 30% YoY and 5% QQ, customer has to make purchases. So he slightly boots up his wallet size and balance. He looks at the either reducing the type of jewelry or goes to lower caratage. Similarly, ATV has also moved up from 73,000 to 79,400. Your question was what is the lightweight jewelry? So this amount itself is lightweight jewelry, 52,000 or 39,000. Now this is a blended asp for gold, diamond, platinum and silver.
So if you look at ASP of silver that is on 2800. So if we look at ASP of gold, if I give you a ballpark number, around 61% of jewelry in terms of count are in the range of 25,000 rupees. So 61% of jewelry, 25,000 that is a key strength. And similar would be number in the diamond jewelry as well. While in terms of value we can take a number of 33, 33, 33. But in terms of quantity this 61% is around 25,000. That is our key strength on which we have built a strong moat around our business.
I hope that answered your query. Dhaval, you want to add something?
Dhaval Raja
Yes. See on an average our ASP sells is 55,000. So we are enjoying that dominance in the lighter space, you know. So average selling 6 odd grams itself is a lightweight jewelry. So introduction of 9 carat or 14 karat or 18 karat will further, you know, add to the Overall buying pattern of the consumers. But right now per se, the business that we are driving is, you know, driving through the lightweight jewelry that we.
Mihir Shah
Thank you. Understood. Thanks Jens. That clarifies. Secondly, I want you to check it.
operator
Sorry to interrupt. Sorry to interrupt. We have several participants waiting. We request you to please come back in the queue for a follow up. Thank you. The next question is from the line of Devanshu Bansal from MK Global. Please go ahead.
Devanshu Bansal
Hi sir. Good morning. Thanks for taking my question. Congratulations on good set of numbers. And Sukar, wish you a fast recovery. Suakar. Definitely we are seeing that franchisee interest is definitely picking up. With 6 editions already in FY 2016 date. How is the pipeline looking for you for rest of the year? And can we expect higher than say 20 editions that we have planned and that too with a higher mix of franchisees for the current year.
Suvankar Sen
So thank you Devanshu for your wishes. See, our plan as we began the year was 20 stores, 10 owned stores and 10 franchisees. While internally our effort and plan is that we should try to open more franchisee rather than your own stores, you know, in order to, to have a better performance overall. So we have already opened five franchisee stores and I can tell you that we have more than five franchisees in the pipeline. So hopefully instead of 10 we shall be able to open maybe 11 or 12 franchisees. And so that is how it is.
So 20 stores is something that we will keep guiding you right now. And maybe after end of quarter three we can update you more further on it. But our efforts are towards opening more and more franchisees.
Devanshu Bansal
Understood. And Swankar, any specific initiative that we have taken which is helping us gain more franchisees in the non West Bengal region. So earlier we were very skewed in terms of West Bengal. But now we are seeing evidences of franchisees in Maharashtra, UP Bihar. So any initiatives that we have taken which are helping us here.
Suvankar Sen
So I think that it’s the, you know, more of brand awareness that is very, very critical. So our investment into marketing, brand building continues to remain. You know, our brand ambassadors, most of them have the, you know, they are, they are national celebrities. So I think that you know, the visibility is growing up, awareness is going up. Along with that our team, there is a dedicated team who are connect with the potential franchisees. And I think that you know, for the industry per se, it’s not just us but all our fellow jewelers who are in this particular business.
It is a opportunity. We have all seen that gold is a good asset to invest for any kind of investor along with real estate and other investments. So it is all about building the brand and building the relationship. And then there are potential franchisees who are willing to open a store of Senco Plus. What is very important is that our manufacturing strength and ability being from the geographic zone that we are gives us that flexibility. And I think that we are there in the business of franchisee for more than 20 years. And with all our experience we are giving our best to keep on connecting with the franchisee.
So that is what we feel is from our side. Thank you.
Devanshu Bansal
Understood. And so studied growth has picked up significantly. This is almost at 35% growth in Q1 versus last year we did about 5% on growth. And when compared with larger peers also there the student growth is only 10, 11%. Right. So, so what is sort of helping us here? Because this is, this is segment where our presence was very low. How are we sort of trying to differentiate?
Suvankar Sen
So I think that you know two things majorly. One is that designing where, you know, if you look at our numbers, we have done more than 11,000 designs overall gold and diamond put together. So a lot of design development under our Everlite collection is happening. And also in terms of our pricing though we don’t want to get into any kind of price competition with others. But overall I think that we being able to manage our cost better and giving a competitive rate to our customers. And there is a continuous effort by the team in terms of offerings, in terms of schemes.
And I think when the consumer is coming to the store and looking at it and especially with the gold prices going up, if you want to buy a 40,000 rupees worth of gold jewelry and what you are getting with diamond jewelry, you know, the design attraction is much better. So we are being able to convert it in a much easier manner. So I think all put together, this is where we are getting the results. And you know, last financial year sometimes the overall situation is such that even with your best efforts you might not get the results right.
So last year when the gold price was moving up from 60,000 to 70 to 80, even as we were offering diamond jewelry to the consumer, they were not in a mood to buy. They were like, no, no, we will buy gold jewelry only. But what we have seen from the last Q4 of last year and this year is that consumer is open to try and convert themselves from gold to diamond jewelry. And I think our efforts and consumer requirements both are helping in the growth of diamond jewelry.
Devanshu Bansal
Hi Renav. Sir. That was very encouraging. Thanks for taking the question.
operator
Thank you.
Suvankar Sen
Thank you.
operator
Participants are requested to restrict their question to two per participant and come back in the queue for a follow up. Thank you. The next question is from the line of Videesha Sheth from Ambit Capital. please go ahead.
Videesha Sheth
Yes. Hi. Thanks. My first question was on the margins. You Talked about the 3 to 4 levers which drove 230 basis points of margin expansion. If you can help us out as to which of breakdown which lever contributed to what percentage of the margin expansion and how much of it is sustainable going forward.
Sanjay Banka
As we have said earlier, we have talked about a sustainable margin of 6.8 to 7.3. So what we can be surveyed that it can be in the range of above 7%. So on an extremely aggressive side we can take from 7.2 to 7.5, but that is on a higher side. So sustainable EBITDA margin we are looking at in a range bound manner only, not what has come in quarter one. So now the question is what margin is very complex result of multiple efforts which have been taken from time to time. Okay, but if I try to pinpoint it to two or three reasons the making charges we had increased our making charges in due to the expected GML price rise.
And while the Gmail price is coming back to original level, we have not reduced our making charge. And you are saying that with the brand positioning we are able to charge a better pricing. So that is one I am not putting a number to it. Similarly diamond price since we have built our inventory base of diamond when the prices were lower last year. And as we told that some diamond prices are moving up and some mines have closed and customers are coming back to the natural diamond. So we are able to realize better prices for diamond.
And third is what we already said is about hedging while we are doing the daily hedging regularly and hedging in the range of 65 to 67% on an average. So due to lesser hedging also we’ve been able to realize the gain on the gold price effectively. So these three are the major reason which we can say have contributed to the higher gross margin and the resultant higher EBITDA margin in quarter one.
Videesha Sheth
So the hedging ratio would remain at 60 or how should we think about hedging ratio going forward? While board policy we understand.
Sanjay Banka
Very dynamic thing. No, it will depend upon the risk scenario, the global geopolitics, how the entire demand supply thing is happening. But we are committed to maintain a very robust and dynamic risk management policy. We are cognizant that we can be very dynamic and a robust hedging policy. But it will always be above 50%. That is the board norm. And on a daily basis we are almost doing 100% hedging at an inventory level since our inventory is only for six months. So that’s why six month inventory, 50% for three months, volatility around. So it will be in the range of 50% to 80% depending upon the risk perception.
Videesha Sheth
Okay. And the second question was on the competitive landscape. So how do you see that evolving. And how does it impact industry making charges going forward? Will it further come down or your. Thoughts on the competitive landscape please.
Suvankar Sen
So I think that when it comes to competition I do not see that you know making charges would be going down much further. Yes, based on the situation there could be, you know, continuous offerings and you know, special incentives and special schemes. But I think that we have reached almost the kind of the best possible situation of competition. I think it’s better now. I think we all the jewellery industry players are looking at focusing on design, focusing on brand building, focusing on any kind of innovation in the market rather than just play on the part of Tris.
I think that’s how we are looking at it.
Videesha Sheth
That’s helpful. Thank you. All the best.
operator
Thank you. The next question is from the line of Akasha Shah from Capital. Please go ahead. Hello sir.
Unidentified Participant
Thank you for providing this opportunity. I would like to ask you in your gross margins what is the share of gains due to higher gold price? That is my first question and my second question is the what is the value of inventory as on June 30th.
Sanjay Banka
June 30th inventory is. We have given the balance sheet as well. The June 30 inventory 3,558 crores as against March 25. So March25 was 3,299 crore which has increased to 3,558 crores. This inventory clearly includes the gold, diamond, platinum, silver etc. So let’s say diamond should be around 450 crore hundred crores would be silver, platinum stones. Balance is all gold. The inventory, the number is the cost or net realizable value. There was some newspaper report also. So I am taking this opportunity to voluntarily clarify that we have been following weighted average cost method for almost 1015 years.
So the inventory reported is a weighted average cost and cost or net realizable value duly audited consistently. That is one. Your second question was. So this, this inventory you have to look at from the inventory perspective. So let’s say as we have said on a whole year the total sale would be around 6,500kg to 7,000kg depending upon how the prices span out. That means in one quarter it will be around 1500kg or 1600kg. So two quarter inventory will be around 3000kg. Those are the broad numbers. Your other question was how much is the impact of lower hedging? See, it’s very complex process of hedging.
I would suggest that you look at the document which we published in quarter three regarding the hedge accounting impact of fair value hedge and cash flow hedge. But broadly, as I explained earlier, it should be around 100 or 120 basis points impact which has flowed into the gross margin. But it is purely temporary for quarter one. We are not saying that it will happen every quarter. If the volatility increases tremendously we will go back to the 80% level of hedging immediately. And then these gains will not flow. That’s why we are saying 6.8 to 7.3 a sustainable level of EBITDA margin.
Unidentified Participant
Okay, sir, got it. Thanks a lot.
operator
Thank you. The next question is from the line of Bhavya Gandhi from Dalal and Barucha Stockbroking limited.
Bhavya Gandhi
Yeah. Hi. Thanks for the opportunity. Couple of questions. My first question is regarding hedging only, Sir. At what point do we decide to increase? Sure. I mean if the price fall is more than 10%, we decide to increase that hedging by 10%. Is there some metric that we internally look at? If you can throw some light on that. That is my first question.
Sanjay Banka
As you said that we have a very robust risk management policy and we have a risk committee of board of directors.
operator
Sorry to interrupt. We would request Bhavya sir to please mute your lines while the management is answering as there is a lot of background noise.
Sanjay Banka
Yeah. Thank you. So Bhavya, we have a very robust risk management policy and framework in our company. And we take advice and guidance from international experts on hedging as well. Then we will internal treasury committee. So based upon the entire framework, the company is committed to maintain a robust in a risk management framework. That’s all I can say. So the level of hedging, the percentage of hedging is very dynamic. It is also subject to the working capital availability at a particular moment of time. But the board policy clearly says minimum 50% hedging. We always said that hedging will be between 50% to 80% last year at many times 88, 89% and even 100% as well.
Bhavya Gandhi
Fair enough. Another question is regarding is there any arithmetic correlation between stud ratio. If suppose 1% increase in the stud ratio, what impact will it have on the EBITDA margins? If you can throw some light on that as well.
Sanjay Banka
There is no direct correlation. Yes. So what we have said is that we want to take the spread ratio to 15%. But if the ratio slightly increases to let’s say 1 more percent, I think 30, 40 basis points improvement will happen in the EBITDA margin. But then once again as we grow we’ll have other presence as well. But I don’t think that we can take more than 2030 basis point increase in the EBITDA margin.
Bhavya Gandhi
Got it. And is it possible to say the secondary sales number for the quarter and the busier as well?
Sanjay Banka
Secondary sale you are saying at the franchisee level. So what we are reporting the total growth of total growth is at the primary level which we have reported at 30% YOY and 32% quarter on quarter and between the what we said is that the own store growth was 25% and franchisee growth was 34%. We’ve also said that the SSG SSG was own store 21%, 16% blended 19%. So the primary sale, the secondary cell would be around 85% of the primary cell. I think that is the ballpark which I can give and just give me one minute time if I can around 85% will be the secondary cell.
So let’s say the franchisee growth which is 34%, 24%. So the secondary growth, while the primary growth in the franchisee sale is 34% secondary is 24% which effectively same around which I said 80, 85% new stores, primaries more so what Dhaval is clarifying and you’ll see this phenomena in other peers as well. So if you open more franchisees, obviously your primary will be high. So let’s say this year we’ve already opened five franchisees. So to that extent the primary is more. We have a primary of 34% in the franchisee channel in Q1 which is a growth. And we opened five stores, five new stores. So by virtue of opening new stores we have a more primary whereas the secondary growth in the franchisee channels tends to 24.
Bhavya Gandhi
Fair enough. That is really helpful. Yeah, you’re clear. I’ll get back in the case. Thank you so much.
operator
Thank you. The next question is from the line of Rupesh Tatia from Sriram managers. Please go ahead.
Rupesh Tatia
Hello sir. Thank you. Thank you for the opportunity. Before starting my question, I have one clarification on the opening remarks. Did you, did you say that for Q2 to Q2, Q2 last year to Q2 this year we can still expect 16 to 18% growth despite you know, deferment of demand. Q2 from Q1 to Q2 last year because of duty impact.
Suvankar Sen
You’re right.
Rupesh Tatia
Okay, okay. That’s good. So other my first question or sort of observations, I mean you, you are in the business of providing solution to your customers. You are doing so many designs, you’re coming up with so many formats this quarter if I heard right, you were able to increase your making charges. So you’re in a generally business. Why, why play around with this hedging and, and you know become try to gain from commodity movement? I think my humble submission is that you should review your hedging policies and get them closer to the market leaders. You should probably study Python or Kalyan or maybe some other global brands and you should get it closer to that.
You are in the business of selling aspiration. You do that. Don’t do commodity hedging and try to gain out of it. So this is my humble submission to you.
Suvankar Sen
Thank you. No, no, I, I totally take your submission. But times what is happening is that these liquidity constraints that we get because when you are taking hedging one there are two parts to it, right? One is hundred percent hedging as whatever you’re selling, you are buying. So that is something that is anyway automatically hundred percent. But when it comes to taking a sell side on MCX or you know when there is a gold loan that you take from the bank and the prices are on an upward trend then because of the liquidity constraint you are unable to hold on to your position.
And then you think of reducing it from an 80% to a 60% and you know it is not about gaining profit but it is about protecting liquidity also like last two years, you know it is a fact that almost hundred odd crores while you know the profits have come, everything has gone. But because of say hedging 100 crores of liquidity also kind of got you know out of the system. So this, this time we are also trying to maintain the liquidity along with the business growth and profitability. But we totally take your point and whenever you know, we don’t, we are not in the business of kind of speculating and making money out of it.
So let me assure you on that part and you know we will keep your advice in mind.
Rupesh Tatia
Okay. Okay. Thank you. The second question, sir, is how is Q3 looking from festive season, from wedding dates? I know it’s maybe a little bit too early to talk about it, but seasonally Q3 is strong. How is the preparation? What is the expectation in the market? Then there is this tax cut. I think benefit will start flowing into hands of consumers. So any early outlook, if you can give on Q3.
Suvankar Sen
So if you ask from a outlook perspective, I think we are being very positive in terms of our planning, in terms of our ensuring that the right inventory comes at the store before the Diwali Dhantera season, festive season starts. Those all the plans are in place and what we have seen is that in Q1 or even in Q2 compared to other years, this time the number of wedding dates have been lesser. And most of the wedding dates now that will come majorly will be in Q3 and Q4. And if I am talking to my consumers also, I think that everyone is in a mood that the moment either liquidity comes in their hands or they feel that the gold price is the right price to buy, I think the wedding demand will come in a big way.
So yes, Q2 will be a little, you know, not so. I would say robust because of lack of auspicious season. But yes, it is more of the beginning of the auspicious season and Q3 will be a very good Q3. So we should be all ready for the season to become strong any moment.
Rupesh Tatia
Okay. Okay. And then quickly I’ll last one. What was our LGD revenue in this quarter? Any, any guidance on LGD Revenue for FY26?
Suvankar Sen
LGBT revenue has been very, you know, it has been in the, I would say single digit, lower, high, low, double digit, you know, the single digit. So LGD is still in the phase of. We have six to seven stores. You know, we are not selling LGT through all our stores. We are creating a separate brand. Consumers are building up the awareness and we are very clear that when it comes to the weddings, people are not, you know, buying lgt. It is more from a fashion perspective. But when it comes to weddings or such occasions or emotions are strongly attached and it’s once in a lifetime, people are preferring the natural diamonds.
When it comes to fashion or some kind of impulse purchase, people are going for lgd. So that is how it is. So over a period of time, maybe in four, five years, LGD will keep picking up more. But till now it is still natural diamonds that is holding the port.
Rupesh Tatia
But will it cross?
Suvankar Sen
Let’s say 50 crore in FY26I 26I. I do not see it from our side crossing. I do not.
Rupesh Tatia
Okay, okay, I have.
operator
Thank you. The next question is from the line of Akash Jhao from AJ Wells. Please go ahead.
Unidentified Participant
Hi sir. Congrats for great set of numbers. So first of all I want to understand early consumer response to our nine carat journey. And as well as the margin per gram compared to 14 carat and 18 carat.
Suvankar Sen
So the consumer response has been I would say positive because the nine carat jewelry is coming to around three and a half thousand to 3,800 rupees per gram. And if it is like a one, two gram lightweight everyday wear then if the budget is anything below 10,000 or below 15,000 it is allowing the consumer to kind of buy it within the budget. And we are also taking, I would say measured steps. It is not like we can convert all our inventory into 9 carat. And especially it is in the studded sector. It will not be much in the traditional designs that people will buy 9 carat.
It will be in the modern western design that people will buy 9 carat. So in diamond jewelry and in lightweight gold jewelry we are introducing selected collections and testing the markets and but consumers are being positive and I must say that it is the young consumers who are more open to the idea that in terms of buying 9 carat and I think that once the wedding season will be in full force even when people will have to give gifts to their near and dear family members and friends then Also I think 9 carat will become a very important tool to give a gift item to your loved ones.
So that’s how I’m looking at it. So but, but if you ask me that is it a positive thing response I will say yes, the initial responses are positive.
Unidentified Participant
Okay. And one question related to this. How do you see the organized generally sectors market share changing over the next two, three years due to this nine carat hallmarking becoming mandatory.
Suvankar Sen
So I think the organized sector is in a growth trajectory and as we look at it, what we have seen in the last 10 years that the organized sector is growing at a higher rate and capturing more market share. I think whether it 9 carat just opens up the opportunity for I think the industry to provide jewelry and especially so the studded jewelry within the budget of the consumer. And you know, just like diamond jewelry, even lab grown diamonds, gemstones, these all will become, you know together along with this 9 carat 14 karat will become a product for the consumers to Buy and the margins also will be strong for the companies also.
So I think it will help the organizations to grow. And anyway, I think unorganized players, they’re finding it difficult to survive in an unorganized manner and they are getting either organized or getting out of the system. So that’s how we are looking at it.
Unidentified Participant
And one last question sir. Out of the plan, 20 stores, we have already opened around 10 till Q1. So what would be the trigger for you to consider increasing the total store opening target for this year?
Suvankar Sen
No. So I will still, you know, as of now will continue to guide all of you with 20 stores. And when we are closer to the number 20 then we can review on the titans. But as of now we will keep guiding on 20 stores.
Unidentified Participant
All right sir. Thank you all. Thank you sir.
operator
Thank you. The next question is from the line of Medun Jain from MOD pms. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Am I audible?
operator
Yes sir.
Suvankar Sen
Yes.
Unidentified Participant
Yeah. So my first question,
Sanjay Banka
I could not get your name. Please.
Unidentified Participant
My name is Mithun James. I represent Port pms.
Sanjay Banka
Okay, thank you.
Unidentified Participant
Yeah. So my first question is more of a slightly, a strategic long term question. So what do you think is your right to win in this market against the likes of the bigger competitors like say Kalyan or Titan? The reason why I’m asking this question is if I understand it right, it is our story is a story of premiumization of maybe advantages of eastern India category. And when your competitors are sort of planning for starting 70, 80 stores this year we are still having a moderate plan of about 20 store additions. Despite that we have, despite we having a very good same store growth rate of about 19%.
And you are not very aptly represented in the southern part of India which has got about 40% of the entire gold consumption pan India. So that is where I am coming from. So can you please respond to that?
Suvankar Sen
Yes. Yes. So see our focus has been more of eastern India and northern India. You know, our competitors from southern part of the country, they have been, you know, very strong in that part of the country. And we, you know, we wouldn’t want to focus there for now. We will work towards, you know, getting deeper and deeper into the markets of eastern and northern India. So that is one. And the second part is that yes, being from the eastern part of the country and closer to the manufacturing hub of Calcutta, we will try to create new designs, make lighter weight jewelry.
Our competition is also working on designs. But you know, everyone to their own, you know they were increasing their market share by Opening more stores. We will also open our number of stores in the markets in which we are strong. Focus on the low hanging fruits so that our return on capital remains strong. And the right to win is where I think that, you know, the market is big enough for everyone to live together. For a consumer, you know, today’s day and time, no consumer is very loyal. They are looking for new designs, they are looking for options.
And I can see myself that the same consumer that is with me is with say two, three more jewelry players. So they are also trying out many types of jewelry. So I think that as long as we can focus on fulfilling the needs of the consumer and creating the product that they need, consumers will continue to buy. And most importantly for the jewelry industry per se, the unorganized to organized shift that is happening is helping all the players, all of us together, to capture more of the market. And I think that’s how one has to look at it.
Unidentified Participant
Okay, right, thanks. And my second question is regarding the operating profit margin. So this quarter we have clocked about 10%.
operator
Sorry to interrupt.
Unidentified Participant
Yeah.
operator
So we request you to please come back in the queue for a follow up.
Unidentified Participant
My second question. So I will just ask this question also.
Sanjay Banka
Yeah, yeah, no, no, we’ll, we’ll give answer to you this, this operating margin. As we have replied.
Unidentified Participant
So no, my question was this regarding the operating profit margin. If you look at the Trend the last three years in quarter two, it has been almost 4%, 5%. So is there some seasonality, some impact on operating profit margin in quarter two? That’s the question. Sorry, please go ahead,
Sanjay Banka
I will answer this question. See, so we had a slightly aggression in the operating profit margin quarter on quarter. And this was a major issue in quarter three as well. So we have looked into our entire process discussed on our accounting, we have discussed our hedge accounting as well. And then our quarter four number, we said we are confident about the reporting quarter one also. So this sort of aberration which you’ve seen earlier, we are hopeful and confident that those abrasions will not happen. Abrasions cannot be more than, more than 100 basis points.
So because we don’t reduce or increase our making charge from 1/4 to other, there is no substantial change in the product mix. So one can say that, okay, the wedding season, wedding jewelry is there. So our understanding is that it will, the difference will not be more than 100 to 100 basis, 100 bridges point of max variation, which can happen if at all, but for the entire year, for an entire year of 12 months we will earn around 6.8 to 7.3 or maybe let’s say 7.5.
Unidentified Participant
Okay, thank you.
Sanjay Banka
Quarterly average will reduce substantially. That is the key answer. Thank you.
operator
Thank you. The next question is from the line of Shobano from three Head Capital. Please go ahead.
Unidentified Participant
I am audible.
operator
Yes.
Unidentified Participant
Hello.
Suvankar Sen
My first question is how is the demand and footfall are you seeing in Tier 3 and Tier 4 market after this gold price go up?
Suvankar Sen
Would you like to answer?
Sanjay Banka
Yeah. So we have seen a good traction. In tier 3, tier 4 towns. The footfalls are up and if you see the way we are moving, you know we are opening more and more stores in tier 3 and tier 2 towns through the franchisee model. So business is up, the traction is good and we are seeing a positive season ahead with the, you know, festive setting in. We are seeing Duga Puj and Diwali setting in. We are seeing a good numbers so far.
Unidentified Participant
And my second question is why your focus store growth is much better than focus. Hello.
Sanjay Banka
Sorry.
Unidentified Participant
Why your focus store growth much better than cocoa store? Why are focus stores grows better than Coco stores?
Sanjay Banka
No, no. So if you, if you see our numbers in like to like store growth, you know that we have in fact our Coco is performing better in terms of same store growth than the Foco stores. So Coco is doing better. It’s not that the cocoa is not being better. We are seeing a good traction. In fact all the metros that we have in, including the Delhi NCR we are seeing a good 34% growth in the Delhi NCR market.
You know, so our Coco are performing very good right now. Similarly on the, you know, the franchisee stores are also having a good same store growth of 17 to 18% right now.
Suvankar Sen
Okay, see I’ll just add to what, you know what happens with the franchisees is that because they are in the smaller towns they are being able to manage with lower inventories. But in the bigger cities where our cocoa stores are, you know, because of competition and consumer choice, we need to keep more inventory more important. So that’s where the franchise is also with a more, you know, lower level of inventory can manage to perform better. That is also one more part.
Unidentified Participant
Thank you.
operator
Thank you. The next question is from the line of Bhavya Gandhi from Dalal and Barucha stockbroking.
Bhavya Gandhi
Yeah, hi, thanks for the follow up. Just wanted to understand your view because we are slightly comparatively weak in terms of liquidity. Because you said just to manage hedging and liquidity we are doing lesser hedging. Ratio so why not focus fully on focus stores and improve liquidity position and the ROC matrix. And that is what Kalya and we can see how they’ve been expanding. So just wanted your view sir on this.
Suvankar Sen
We are really conscious of the fact and that is why our expansion and our strategy to the team is that most of the expansion should be with the focus on opening more franchisees and you know, the offerings and the commission incentives that we are giving to the franchisee. We are also continuously working on that so that we can make it more easy for the franchisee to open more. So. So we are very much, you know, conscious of the fact that you’re saying and we are trying to strategize accordingly and do that so that once that happens in a very good way and a faster way, as you rightly said, that the liquidity challenges will not be there.
So hopefully in the coming year, next two, three years, our franchisee numbers will also be higher.
Bhavya Gandhi
So just to follow up on this, so I mean can we expect like the further store openings would be more on the franchisee side? If you can just guide for maybe FY27 store openings and what is our future plan beyond FY26 that would be really helpful.
Suvankar Sen
So see, I’ll tell you all as per the plans, we always believe in giving you a conservative, you know, estimate and an approach. And so from that perspective, we have always said that we want to open 18 to 20 stores every year, year after year, funded by the profit, funded by the equivalent amount of debt that we have. But yes, like we always say 50, 50 franchisee and 50% franchisee and 50% owned store. But our internal efforts are always that, that 50, 50 can become 70, 65, 70% franchisee and 25, 30% own store. So this is how we would like to do it in an ideal case.
Bhavya Gandhi
So just, I mean just wanted to understand is there any hurdle in terms of opening franchisees or getting franchisee partners on board? That is why the ratio seems to be slightly lower or is it our choice that we are opening balance of both Coco as well as Foco?
Suvankar Sen
There are two, three things. One is that in East India, North India is our focus. So as a brand, as we are expanding nationally, obviously people across the various markets, across the towns and cities. So we want to grow in a concentrated manner focusing on East India first. And the second priority is North India. So I guess that it is about finding the right partner, getting the right market, the right location. Those are certain critical aspects. And even after finding the right partner, that partner needs to have the adequate capital to open a franchisee store.
So the banking is one. So there are various methods to it. So getting the right partner with the adequate capital is one of the key factors and then satisfying his needs and getting the right product in place. So that is what it is. So I think the hurdle is about getting the right kind of people. And once that effort that we are putting is going on, we will be able to achieve what we will to achieve. And I know that you are being, you know, you are comparing with others, you know, other competitors and the way they have been able to execute and have been able to grow at a faster rate.
So I think that it’s a matter of time as and when you know, our performance and our awareness will continue to grow. We will also be able to do the same manner in the coming two, three years.
Bhavya Gandhi
So just one last thing. If I can squeeze in on the Melora front, if you can provide some light, are we going to require any capital? What is the outlook there over there on the Melora front.
Suvankar Sen
With the 9 carat hallmarking 14 karat, with the gold prices going up so high, we feel that to cater to the new generation, it is going to be important tool and a method to reach out to the new generation customer. So that is where from a brand perspective we are looking at doing this collaboration. And when it comes to acquiring Melora as a brand, most of it, the inventory part of it is not going to be a challenge at all because anyway there is more and enough inventory that we have with us, be it gold or diamond, it is all about getting a platform to reach out to the new generation customer.
So I don’t see it much of a challenge. We are in the negotiation stage and as and when any kind of positive news come out, we will be updating our investors and.
Unidentified Participant
Sure sir, thank you so much. I really appreciate it. Yeah, that’s it from mine. Thank you.
operator
Thank you. The next question is from the line of Himanshu Shivare from MB Investments. Please go ahead.
Himanshu Shivhare
Yes. Hi, good afternoon. My question is what is the company’s philosophy in terms of corporate governments? Do you want to, does the company aspire to be in terms of corporate governments in the leagues of your peers like Tanish? And if you could give me what is the company doing in terms of related party transactions, in terms of independent directors, directors, in terms of, you know, transparency to increase transparency among shareholders. And my second question is, and my second question is if you could give me an insight on, you know, what percentage of your jewelry is generally hedged gold and how is it managed by the company and what is the overall company’s philosophy in terms of managing the inventory in terms of.
With the. In conjunction with the supply, demand, supply dynamics. Thank you. That’s. That’s from my side.
Suvankar Sen
No, thank you for the question. So you take it. I’ll just say that in terms of the. We have a lot of respect for the Tatas and the Titan as a company with which you know how they are running their business. And you know Mr. Rathan Tata is one of my role models and I would like to you know follow his path and take my company forward. So that is how I would like to look at it. And we will be, you know we are doing our best in terms of various initiatives of corporate governance and the best practices.
I’ll request Mr. Banka to you know explain a few things that we are doing.
Sanjay Banka
If you are building on what you say since the. And in this journey of corporate governance in Senko While I joined five years back, I see this journey for more than 20 years. And while the first private equity funding happened in the company in 2014, we the company, the promoters, our founder chairman late Shankar Sen had the vision to take the company to the highest level of corporate governance. And the journey started appointing independent directors, appointing KPMG as the statutory auditor. KPMG completed two terms of five plus five and then. Then we appointed Grand Thornton that is our statutory auditor.
The. The investors can look at our independent directors. It’s a board governed company, a very reputed independent director. So got excellent experience in the respective field. Mr. Bhaskar Sen, he is the chairman of United bank of India, Mr. Sankar Haldar. He has been working with the top companies as CFO. Mr. Mr. Kumarankar Dutta, Suman Verma. So that is one. We have strong set of rules and regulations, LODR policies, very strong government focus. As far as the IFC firm framework, risk control metric, risk register, internal controls. The total organization is driven by erp. We are one of the top customers of Microsoft ERP in India.
Our entire organization, most of our activity runs on Microsoft ERP workloads, approvals and in most of our audit committee meeting we consistently work at enhancing. And sir, as you rightly said, I am also admirer of Tata Group and I worked in a Tata Group company for three years. So whatever I’ve learned we intend to implement all these corporate governance practices and Senco. This is the hallmark of our commitment for transparency, for speed and for governance levels. That is a larger Answer. The second question was on the hedging practices. We have issued a detailed document in quarter three on our hedging practices and we continue to follow the same rules and norms.
So our board policy talks about the minimum 50% hedging of inventory. So if you look at our inventory in the balance sheet at around 3,500 crore, the gold inventory will be around let’s say 3,000 crore or 2,900 crore. 50% of that is always hedged. Last year that number ranged up to even 95% or average was almost 88% which we have said in quarter one is between 60 to 65%. And hedging is a very dynamic activity. We are cognizant of the, of the risk which is inherent in the business. And we will follow a very dynamic policy to ensure that we are risk mitigated first quarter.
The due to the extreme volatility and this is working capital requirement, we have maintained a slightly lower hedging ratio. But yes, and that has moved to the P L And that’s why we are still giving guidance of 6.8 to 7.3 which automatically means and assumes that hedging can go above 80 as well. I hope that this answers the questions.
Himanshu Shivhare
Just, just a follow up question like what is at the moment, what is the hedging, you know, percentage? If you could give me a tentative figure, that’d be nice.
Sanjay Banka
No, I don’t want to give you specific number. See it should be around 60 to 65%.
Himanshu Shivhare
All right, thank you so much.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference to management for closing comments.
Suvankar Sen
Thank you. Thank you very much. You know, my, you know, I would like to thank all of you for joining the call. You know, listening to all of us and I hope that we have been able to answer as much as possible the queries that you have, Mr. Banka. And our team is always available to answer any more of your queries. You will all get the updates on our website. In terms of the numbers, one is that we have our official commercial website which is senco gold and diamonds.com and we also have a corporate website, the website which is senkogold.com so a lot of information on our company and the updates you will be getting there as well.
So look forward to, you know, meeting and talking to all of you once again and happy Independence Day in advance and hopefully we’ll have a great Q2 and a great preparation for the upcoming Q3 as well. Thank you very, very much.
operator
Thank you on behalf of Anandrati Shares and Stockbrokers limited concludes this conference. Thank you for joining us. And you may now disconnect your line.
Sanjay Banka
Yes. Thank you very much. Thank you.