Hot Pursuit     22-Jun-24
Sky Gold acquires entire stake in Starmangalsutra & Sparkling Chains
Sky Gold announced that its board has approved 100% acquisition of equity shares of Starmangalsutra and Sparkling Chains held by existing shareholders of the companies, by way of share swap.
The company has acquired complete stake in Starmangalsutra at Rs 23.98 crore and in Sparkling Chains at Rs 26 crore, respectively.

The consideration will be discharged by issue of 4,17,542 equity shares of the company at an issue price of Rs 1,197 having a face value of Rs 10 each to the existing shareholders of Sparkling Chains and Starmangalsutra on a preferential basis.

Mangesh Chauhan, the MD & CFO of Sky Gold said, “The integration of Starmangalsutra and Sparkling Chains perfectly aligns with our growth objectives. These acquisitions are expected to enhance our margins through the combined synergies of the enterprise. By consolidating our operations, we are expanding our total addressable market and increasing product presence across numerous retail outlets.

Mangalsutras, which have symbolized sanctity in Hindu tradition for centuries, have also evolved into a fashion statement in recent years, blending modern aesthetics with timeless Indian traditions. There is a growing demand for versatile mangalsutras and chains today. This acquisition will not only enable us to meet current demand but also drive continued growth and innovation across our product portfolio.”

We anticipate this strategic move to increase consolidated EBITDA margin by 50-75 basis points from the current 4.4% in FY24 and boost our PAT margin to 3% from the current 2.6% within next 12 - 18 months. Our revenue crossed Rs. 1,745.5 crores in FY24 and with this strategic acqusition we plan to expedite ongoing plans to increase capacity utilization to full capacity within 2 years from the completion of the merger. We are confident that, coupled with this acquisition, we are well-positioned to achieve our revenue target of INR 6300 crores by FY27 and exceed it. We also expect to achieve economies of scale and reduce overall borrowing costs post-acquisition for the group.”

Sky Gold is engaged in the business of designing, manufacturing and marketing of Gold jewelries since 2008. The Company offers a wide variety of designs to suit the preferences of the end customer.

The company reported a consolidated net profit of Rs 13.61 crore in Q4 FY24, steeply higher than Rs 6.08 crore in Q4 FY23. Revenue from operations soared 90.20% to Rs 513.37 crore in Q4 FY24.

The scrip closed at upper circuit of 5% at Rs 1,465 on Friday, 21 June 2024.

Previous News
  Sky Gold consolidated net profit rises 40.85% in the December 2023 quarter
 ( Results - Announcements 27-Jan-24   14:31 )
  Nifty below 23,450 mark; media shares under pressure
 ( Market Commentary - Mid-Session 24-Jun-24   10:33 )
  Sky Gold schedules board meeting
 ( Corporate News - 15-Jun-24   09:41 )
  Sky Gold standalone net profit rises 101.70% in the June 2023 quarter
 ( Results - Announcements 12-Aug-23   14:53 )
  Sky Gold to conduct board meeting
 ( Corporate News - 18-Jul-22   10:15 )
  Sky Gold appoints company secretary and compliance officer
 ( Corporate News - 17-Jan-19   18:15 )
  Sky Gold to table results
 ( Corporate News - 03-Aug-23   14:29 )
  Sky Gold allots equity shares and warrants on preferential basis
 ( Corporate News - 08-Dec-23   09:40 )
  Sky Gold to announce Quarterly Result
 ( Corporate News - 03-Nov-21   16:24 )
  Shares of Sky Gold get listed
 ( Corporate News - 03-Oct-18   10:31 )
  Sky Gold director resigns
 ( Corporate News - 27-Sep-19   15:55 )
Other Stories
  Lupin receives EIR from USFDA for Dabhasa facility
  13-Jul-24   16:48
  RVNL secures LoA worth Rs 132 cr from Central Railway
  13-Jul-24   16:38
  EMS bags order worth Rs 141-cr from Uttarakhand Power Corp.
  13-Jul-24   16:14
  Avenue Supermarts Q1 PAT climbs 17% YoY to Rs 774 cr in FY25
  13-Jul-24   16:00
  Sunteck Realty pre-sales climbs 30% YoY to Rs 502 cr in FY25
  13-Jul-24   15:32
  Fitch Ratings revises outlook on ratings of Tata Steel to 'negative'
  13-Jul-24   14:46
  5Paisa Capital Q1 PAT jumps 38% YoY in FY25
  13-Jul-24   14:39
  HCL Tech records PAT of Rs 4,257 crore in Q1; EBIT margin at 17.1%
  13-Jul-24   11:59
  IREDA Q1 PAT rises 30% YoY to Rs 384 cr in FY25
  13-Jul-24   09:00
  GTPL Hathway slides after Q1 PAT drops 60% YoY to Rs 14 cr in FY25
  12-Jul-24   15:40
Back Top