Recently listed Jewellery retailers PN Gadgil Jewellers on Tuesday reported 59.11 per cent growth in net profit to Rs 34.91 crore in the quarter ended September 2024.
The company's net profit stood at Rs 21.94 crore during the corresponding period of the previous fiscal, PN Gadgil Jewellers said in a regulatory filing.
Its revenue from operations increased 45.92 per cent to Rs 2,001.31 crore during the quarter under review compared to Rs 1,371.51 crore a year ago.
"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," PN Gadgil Jewellers Chairman and Managing Director Saurabh Gadgil said.
The company made a strong debut on the stock market on September 17, 2024, he said.
"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.
"This move has not only supported the growth of the organised sector but also provided much-needed relief to consumers while enhancing market transparency and curbing illegal smuggling activities."
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