PN Gadgil Jewellers Q2 Profit Soars 59% to Rs 34.91 Crore
By Rediff Money Desk, NEWDELHI Nov 12, 2024 20:40
PN Gadgil Jewellers Q2 net profit jumps 59.11% to Rs 34.91 crore, driven by strong operating performance and lower gold import duty. Revenue also rose 45.92% to Rs 2,001.31 crore.
Mumbai, Nov 12 (PTI) 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.
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.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Mishtann Foods L
- 9.84 (+ 9.94)
- 184493613
- Thinkink Picturez
- 2.13 (+ 4.93)
- 84583198
- Srestha Finvest
- 0.90 ( -4.26)
- 79660973
- Rajnish Wellness
- 1.83 ( -1.61)
- 61365296
- Vodafone Idea L
- 8.03 ( -0.62)
- 37608220
MORE NEWS
ICICI Bank Partners with CBA for...
ICICI Bank has partnered with Commonwealth Bank of Australia to facilitate investments,...
Morgan Stanley, Societe Generale Invest in...
Morgan Stanley, Societe Generale, Citigroup, and Goldman Sachs invested Rs 416 crore in...
Shriram Finance Sells Housing Finance Arm to...
Shriram Finance has completed the sale of its housing finance subsidiary, Shriram...