PNG Jewellers Q1 Profit Jumps 96% to Rs 69.34 Cr

Mumbai, Aug 12 (PTI) Jewellery retailer P N Gadgil Jewellers on Tuesday reported a 96.31 per cent growth in consolidated net profit to Rs 69.34 crore during the quarter ending June 30, compared to the same period of the previous financial year.

The company's net profit stood at Rs 35.32 crore during the corresponding period of the previous fiscal, P N Gadgil Jewellers said in a regulatory filing.

Revenue from operations of the company during the quarter under review grew moderately by 2.78 per cent at Rs 1,714.56 crore compared to Rs 1,668.18 crore in the same period of the preceding year.

"This has been a good quarter for us. We recorded revenue of Rs 17,14.56 crore, EBITDA of Rs 122.85 crore, up 85.4 per cent from last year, and PAT of Rs 69.34 crore, also up 96.3 per cent year-on-year. The growth has come from retail expansion, increase in studded portion, and better cost discipline," PN Gadgil Jewellers Chairman and Managing Director Saurabh Gadgil said.

Even with gold price volatility and a challenging market environment, the company is seeing healthy traction across our retail network and has improved profitability through better operational efficiency, he said.

"We will continue to build on this momentum, staying true to our promise of quality and design, and creating value for our customers and shareholders in the quarters ahead," he added.

Shares of the company closed 6.18 per cent higher at Rs 581.10 apiece on the BSE.