P N Gadgil Jewellers on Monday declined 7 percent in the early trade on October 7 after the recently-listed company reported nearly 35 percent sequential decline in its consolidated net profit at Rs 35.32 crore in June 2024 quarter. The company had reported a net profit of Rs 54.92 crore in March 31, 2024 quarter.
It reported a 60 percent rise in its consolidated PAT YoY in June 2024 quarter as the company has managed to increase its stores. It had reported a net profit of Rs 22.15 crore in the year-ago period.
The total revenue of the company jumped to Rs 1,668.2 crore in the reporting period from Rs 1,256.8 crore a year ago.
During the quarter under review, the company's expenses increased to Rs 1,622.4 crore from Rs 1,227.5 crore in the same period a year ago. The company's shares listed at Rs 830 per share on the NSE on September 17 with a premium of 72.91 percent over the issue price. The issue was subscribed 59.41 times.
PN Gadgil Jewellers Ltd offers a variety of precious metal/jewellery products, including gold, silver, platinum, and diamond jewellery, catering to different price points and designs.
The company's products are mainly sold under its flagship brand, 'PNG', and various sub-brands through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.
The company had recently announced its new store opening strategy for every Navratri. The company's total number of stores now stands at 43.
At the the time of publishing, the shares of P N Gadgil Jewellers were trading at Rs 707.90, down nearly 6 percent on the back of profit-taking.
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