PN Gadgil Jewellers reported a significant 59.11% increase in its net profit for the quarter ended September 2024, reaching ₹34.91 crore. This compares to a net profit of ₹21.94 crore during the same period last year.
The company also saw substantial growth in its revenue from operations, which rose by 45.92% to ₹2,001.31 crore, up from ₹1,371.51 crore a year earlier.
Saurabh Gadgil, Chairman and Managing Director of PN Gadgil Jewellers, attributed the strong performance to favourable conditions in the second quarter of FY25. Despite fluctuations in gold prices, the company surpassed expectations and experienced higher demand compared to the same quarter last year.
A key factor in the company’s growth was the reduction in gold import duties announced in the Union Budget. The government lowered the import duty on gold and silver to 6% and on platinum to 6.4%. The industry welcomed this move as it helped reduce gold prices, which had been at record highs. It also benefited consumers by enhancing market transparency, curbing illegal smuggling, and supporting the growth of the organised sector.
PN Gadgil Jewellers made a strong debut in the stock market on September 17, 2024, adding to the positive sentiment surrounding the company.
Founded in 1832, P. N. Gadgil & Sons Ltd (PNGSL) is a well-established jewellery retailer in Maharashtra, specialising in gold, silver, and diamond jewellery. It is one of the oldest jewellers in the state.
On November 13, 2024, PN Gadgil Jewellers share price opened at ₹705.00, touching the day’s low of ₹695.00 as of 11:06 AM on NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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