Sky Gold and Diamonds Ltd. delivered exceptional September-quarter results with consolidated net profit rising 91% year-on-year to ₹128 crore from ₹67 crore in the corresponding quarter last year. According to reports from CNBC TV18, revenue from operations increased 61% year-on-year to ₹2,390.6 crore in the September quarter from ₹1,484.4 crore a year earlier. The company's EBITDA rose 89.6% to ₹189.4 crore from ₹100 crore in the year-ago period, with EBITDA margin expanding to 7.9% from 6.7%, indicating improved operating profitability.
The company's board approved raising up to ₹1,800 crore through a qualified institutions placement (QIP), other permissible modes or a combination of these routes. As reported by CNBC TV18, the proposed fundraise is subject to shareholder and other requisite regulatory approvals, with the issue price to be determined later. The board also approved convening an extraordinary general meeting on November 18 to seek shareholders' approval for the proposed fundraise.
In its consolidated financial results, Sky Gold disclosed a fraud incident at its wholly owned subsidiary, Starmangalsutra Private Limited, during the September quarter. According to CNBC TV18, the incident involved unauthorised fund transfers amounting to ₹10.70 crore, allegedly carried out using an employee's company-issued mobile phone and laptop through deepfake methods and coercion. The company recovered ₹3.35 crore while the remaining ₹7.35 crore was recognised as an exceptional loss in the consolidated results, with a complaint filed with the cyber police for recovery.
Sky Gold completed the acquisition of 100% of the issued, subscribed and paid-up equity capital of Purvi Gems & Jewellery (India) Private Limited on October 7, after the end of the September quarter. As reported by CNBC TV18, shares of the company were trading 5.1% higher at ₹986.7 following the results announcement on Tuesday. The stock has gained 183% since January this year and more than 174% over the last 12 months, reflecting strong investor confidence in the company's performance and growth prospects.
