PN Gadgil Jewellers Ltd. reported a 46% year-on-year (YoY) increase in revenue to Rs. 20,013.10 million in the second quarter of the current fiscal year. In Q2 FY25, PNG’s profit after tax (PAT) climbed by 59% year on year to Rs. 349.19 million. In the first half of FY25, retail revenue increased by 37% year on year to Rs. 12,195.05 million, while e-commerce sales increased by 95% to Rs. 965.84 million.
One of the elements driving growth was increased customer demand during festivals such as Ganesh Utsav and Raksha Bandhan. Additionally, the government’s decision to reduce gold import duties bolstered consumer morale. Initiatives such as the Maha Mangalsutra Mahotsav and the Painjain Mahotsav also helped to drive sales.
Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, stated, “The second quarter of FY25 has been extremely rewarding, with good operating success across all of our markets despite significant volatility in gold prices. Q2 FY25 exceeded forecasts, laying a solid basis for development, with demand levels exceeding those in Q2 FY24.
“Several things influenced this great quarter. The reduction in gold import duties proposed in the union budget was a significant development. Lowering import duties on gold and silver to 6% and platinum to 6.4% was in line with industry wishes and had a favorable impact on consumption, helping to reduce previously record-high prices. This decision has not only aided the growth of the organized sector, but has also offered much-needed relief to consumers while increasing market transparency and reducing illegal smuggling activities.
“Additionally, the holiday season, which includes Ganesh Utsav, Janmashtami, and Raksha Bandhan, boosted gold demand and consumer involvement. We also received a tremendous reaction to our Maha Mangalsutra Mahotsav and Painjain Mahotsav, which increased sales and improved our market position. These elements, combined with our successful stock market debut, contributed to the good operating performance we achieved in the second quarter of FY25.