Here's why the stock of this newly listed jewelry player hit 10% upper circuit

Over the past 1 month, the stock of this midcap jewellery maker has modestly risen by 2 percent

Shares of PN Gadgil Jewellers hit 10 percent upper circuit of Rs 621 per share on February 13 after the firm reported its first quarterly results since its listing on exchanges. The company has registered strong third quarter (Q3FY25) performance.

Over the past 1 month, the stock of this midcap jewellery maker has modestly risen by 2 percent, as against marginal decline in the benchmark Nifty 50 index. However, the stock continues to remain above its listing price of Rs 480 per share on September 17, 2024.

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PN Gadgil reported 49 percent year-on-year (YoY) rise in net profit to Rs 86 crore in Q3FY25, while revenue from operations increased by 23.5 percent YoY to Rs 2,435 crore.

The company’s retail segment remained the primary growth driver, contributing 77 percent to the total sales. Its e-commerce segment witnessed remarkable growth, with revenue surging 97.9 percent to Rs 70.5 crore. Franchise revenue also saw a significant uptick, rising 86.6 percent to Rs 226.4 crore in Q3FY25.

Robust Same-Store Sales Growth (SSSG) of 25.7 percent continued to propel overall performance, highlighting the strong contribution of existing showrooms for the FY25 YTD period.

“With record-high monthly revenue, robust same-store sales growth, and increasing customer engagement, we remain focused on enhancing our offerings and expanding our footprint. The successful launch of nine showrooms across nine consecutive days during Navratri underscores our commitment to growth, taking our store count to 48, with plans to reach 53 by Q4FY25,"said Saurabh Gadgil, chairman & managing director, P N Gadgil Jewellers.