P N Gadgil Jewellers Ltd reports Q1 net profit of Rs 35 crore

P N Gadgil Jewellers reported a 60 percent rise in net profit to Rs 35 crore ($4.2 million) for the first quarter ended June 2024, as compared to Rs 22 crore in the year-ago period.

The company’s revenue for the quarter jumped to Rs 1,668 crore, as against Rs 1,256 crore in the corresponding period of the previous fiscal year.

During the quarter, the company’s expenses increased to Rs 1,622 crore from Rs 1,227.5 crore in the same period a year ago.

Commenting on the quarter performance, Dr Saurabh Gadgil, chairman managing director of P N Gadgil Jewellers Ltd in a statement said, “The recently concluded quarter has been a very satisfying one, we witnessed robust operating performance across all our markets despite extreme volatility in gold prices, Q1FY25 proved to be a strong base quarter that exceeded expectations. The pace of demand in this quarter was stronger than what we experienced in Q1FY24.”

“The Government’s deadline to implement compulsory hallmarking is a significant development for the jewellery sector, fostering greater transparency and accelerating the shift from unorganised to organised players. With these favourable dynamics, organised players such as us are well positioned to capitalise on this opportunity and drive sustained growth,” he added.

P N Gadgil Jewellers opened three new stores in Maharashtra during the quarter to take its total tally to 39 stores.