Sky Gold ltd. – Will it reach the sky?

Q2 FY25 concall

1. Q3 guidance at 1000cr (750 cr from parent company, 150 cr from subsidiaries), for Full FY25 guidance stand at 3300 cr ( 2700 cr from parent and 600 cr from subsidiaries), Guidance for FY27 stand at 6300 cr (5000 cr from parent company, 1300 cr from subsidiaries)
2. export at 9% of total sales(around 63.9 cr), while targeting 15% -20% in the near future focusing on markets in Malaysia, Singapore, and the Middle East.
3. Other income was due to the sale of HDFC and TCS shares. Next quarter will also have some as the company will sell its SBI shares ( then the company will have no shares left in the balance sheet).
4. gold metal loans were at 10% in Q1, now at 25% in Q2, and in Q3 target at 50-60% and in the future target at 80% which is the peak that is allowed, this will take pat margin from 3 to 3.5% in future( by reduce in interest cost due utilization of gold metal loans)
5. currently running at 46% capacity utilization(standalone) , 30-33% in subsidiaries(which will ramp In upcoming quarter)
6. Focus remains on B2B, not have plans to open retail shops
7. subsidiaries EBITDA margin at 4%, Q3 will have 5 - 5.5%, as some QIP fund is allocated in subsidiaries
8. Inventory is totally hedged on MCX, we don’t gain when gold prices go up but we don’t lose if goal prices go down
9. In the March quarter, planning to launch lab-grown diamond products.
10. Seen clients were order on a day-to-day basis, So In the December quarter, an app will go live for clients where they can see products and order on a day-to-day basis