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Business: PN Gadgil Jewellers Ltd on Tuesday reported a 59 percent increase in net profit at Rs 35 crore for the second quarter ended September 2024 as compared to Rs 22 crore in the year-ago quarter.
Revenue for the quarter went up by 46 percent at Rs 2,001 crore from Rs 1,372 crore in the corresponding quarter of the previous fiscal year.
PNG Jewellers attributes robust performances in the quarter to the festive demand during Ganesh Utsav and a reduction in gold import duty in the Union budget.
Commenting on the results, Saurabh Gadgil, chairman and 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 surpassing that of the second quarter of FY24.”
“Several factors have led to this successful quarter. The important development was the announcement of a reduction in gold import duty in the Union Budget. Reducing the import duty on gold and silver to 6 per cent, and that of platinum to 6.4 per cent, aligned with industry demands and positively impacted consumption, helping moderate prices that had earlier reached record highs,” he added.
PN Gadgil Jewellers hit the markets during the quarter on September 17, 2024. Shares of the company were listed at Rs 830 on the National Stock Exchange over the issue price of Rs 480 per share.
