PN Gadgil Jewellers strikes gold this Dussehra with record ₹190 crore in single-day sales

PN Gadgil Jewellers Ltd.reported 65% year-on-year growth in sales this festive season including a record ₹428 crore sales during Navratri with high demand for gold. The yellow metal had been on a steady rise this year. 

Sales during Navratri period saw 66% year-on-year increase, the company said in an exchange filing. The jeweller also recorded highest single-day sale of ₹190 crore on Dussehra, the tenth and final day of Navratri festival. This was 64% higher than sales made on the same day last year.

Revenue from gold rose 64% year-on-year even though prices have surged 50% since the festive season last year and  18% sequentially. This was followed by strong demand for diamond (47%) and silver (133%) compared to last year. 

In terms of volume of sale, PN Gadgil sold 456 kg of gold which is 10% more than last year's festive season while volume of diamond and silver sold was up 53% and 64%, respectively.

Saurabh Gadgil, Chairman and Managing Director, PN Gadgil Jewellers, called it a proud milestone for the company. “This milestone is the result of the festive spirit and the enduring bond we share with our customers. Gold once again emerged as the leader of growth, with Diamond and Silver also contributing significantly," he said.

"As we step into the festive season, our focus will remain on offering contemporary designs with the craftsmanship and service that PNG Jewellers is known for, while strengthening our presence across pan India. We see this as a strong beginning to the festive quarter and are confident of building on this momentum,” Gadgil added.

The company's net profit nearly doubled in the June quarter, increasing by 96.3% from the year-ago quarter to ₹69.3 crore. Revenue increased by 2.8% from the base quarter to ₹1,714.5 crore.

The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 71.5% from last year to ₹109.9 crore, while margins expanded by 340 basis points year-on-year to 6.4% from 3.8% last year.

Shares of PN Gadgil Jewellers closed up 3.43% or ₹20.85 higher at ₹627.95 apiece on NSE. This is way higher than its stock market debut last year at an issue price of ₹480 per share.

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