• Revenue guidance: Management described Q1 growth at about 50%, Q2 at approximately 30% and H1 growth averaging 40%. It called 25% full-year growth achievable, is targeting 20%+ growth in Q3, and said it could revisit whether 30% for the year is achievable after Q3.
• Q2 growth drivers: The 31% revenue growth was value-led, with volume growth described as a “very single-digit kind of a growth, de-growth.” Gold-price increases helped, while 50%+ of business involved customers exchanging old gold for new jewellery.
• Margin outlook: Old-gold exchange supports store footfalls and sales but ties up liquidity until the gold is recycled and, alongside discount offers, can weigh on margins. Management maintained a 7.5% margin for the full year; it said gold hedging is 50% and did not have Q2 inventory-gain figures available.
• SSSG and stores: Management’s earlier model for 20% full-year growth assumed SSSG of 12 to 14% and 5 to 6% growth from new stores; its current expectation is around 18 to 20% SSSG and 7, 8% from new stores. It added 14 stores in H1 and plans to add about 8 to 10 more during the rest of the year.