PN Gadgil Jewellers announces 59% surge in net profit for Q2

The brand’s revenue rose 45.92% to ₹2,001.31 crore in Q2 FY25, up from ₹1,371.51 crore last year 

MUMBAI: PN Gadgil Jewellers, the well-known jewellery retailer that made its stock market debut in September 2024, has reported a 59.11% increase in net profit for the quarter ending September 2024. The company posted a net profit of ₹34.91 crore, up from ₹21.94 crore in the same period last year, according to a regulatory filing released on Tuesday. 

In addition to the surge in profit, the company’s revenue from operations also saw a strong rise, climbing 45.92% to ₹2,001.31 crore, compared to ₹1,371.51 crore in the September quarter of the previous fiscal year. 

Saurabh Gadgil, Chairman and Managing Director of PN Gadgil Jewellers, attributed the strong performance to solid market demand despite fluctuating gold prices. “The second quarter of FY25 has been highly rewarding, marked by robust operating performance across all markets. Demand exceeded expectations, surpassing even last year’s strong second-quarter figures,” Gadgil said in a statement. 

The company’s stock market listing on September 17, 2024, was another key milestone, marking a successful entry into the public markets. 

Gadgil also highlighted a significant policy change in the Union Budget that contributed to the company’s positive results. “The reduction in gold import duty announced in the Union Budget was a pivotal development. The lowered duty—set at 6% for gold and silver, and 6.4% for platinum—aligned with industry demands and helped ease the high prices of precious metals. This move not only supported the growth of the organized sector but also helped curb illegal smuggling activities, benefiting consumers and enhancing market transparency,” he added. 

With strong financial results and a successful stock market debut, PN Gadgil Jewellers is well poised for future growth propects. The company remains focused on expanding its market presence, post-IPO, in a bid to capitalize on the inflow of investment. The brand recently unveiled four new stores in Pune, enhancing its presence in the city. The openings were attended by actors Lara Dutta and Swapnil Joshi, adding a touch of glamour to the events.  The brand seems to bolster their presence on their home turf with the expansion drive. 

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