PN Gadgil Jewellers Q2 net profit rises 59 percent to Rs 35 crore

Jewellery retailer PN Gadgil Jewellers Ltd reported a 59 percent increase in net profit to Rs 35 crore ($4.2 million) for the second quarter ended September 2024, as against Rs 22 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 46 percent to Rs 2,001 crore, as against Rs 1,372 crore in the corresponding quarter of the previous fiscal year.

PNG Jewellers attributed the robust performance in the quarter to festive demand during Ganesh Utsav and the decrease in gold import duty in the Union budget.

Commenting on the results, Saurabh Gadgil, chairman managing director of PNG Jewellers Ltd in a statement said, “The second quarter of FY25 has been highly rewarding, marked by strong operating performance across all our markets despite significant volatility in gold prices. Q2 FY25 surpassed expectations, establishing a solid foundation for growth, with demand levels exceeding those of the second quarter of FY24.”

“Several factors shaped this successful quarter. The reduction in gold import duty announced in the Union Budget was a pivotal development. Lowering the import duty for gold and silver to 6 per cent and platinum to 6.4 per cent aligned with industry demands and positively impacted consumption, helping moderate prices that had previously reached record highs,” he added.

During the quarter, PN Gadgil Jewellers made its debut on the stock market on September 17, 2024. The company’s shares got listed at Rs 830 on the National Stock Exchange over the issue price of Rs 480 per share.