The Senco stock reacted positively (+18% intra-day) on the back of asignificant beat to our estimates and its SSG outperformance vs. listed jewelrypeers in Q4/FY24. Senco delivered 30% retail growth in Q4 (vs. our expectationof 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Sencohas delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.