National News
P N Gadgil Jewellers reports 23.5% growth in consolidated revenue YoY, reaching Rs. 24,357.51 mn for Q3 FY25
P N Gadgil Jewellers Limited, announced its unaudited financial results for the quarter ended 31st December 2024.
The company achieved its highest-ever revenue of Rs. 10,500 Mn+ in a single month in Oct-24 and total revenue of Rs. 24,357.51 Mn in Q3 FY25.9M FY25 Revenue, EBITDA and PAT grew YoY by 32.7%, 39.5% and 53.7% respectively. For Q3 FY25 (in Rs mn) Revenue from operations 24 357.51, EBIDTA 1297.70, EBITDA Margin (%) 5.3%, PAT 860.38, PAT margin(%) 3.5%, basic EPS 6.34.
Revenue per store stands at around Rs. 1,272 million, while net profit per store reached Rs. 32.56 million, demonstrating strong efficiency and profitability at the store level.
• Retail segment is 77% of our total sales, continues to lead the way, achieving an impressive Revenue growth of 41.8% an EBITDA margin of 6.8% and a PAT margin of 4.6%.
• The company’s E‐commerce segment experienced exceptional growth, with revenue increasing to Rs. 705 million, a 97.9% rise.
• Franchise revenue also grew to Rs. 2,264 million, with an 86.6% increase for Q3 FY 25.
• Strong Same-Store Sales Growth (SSSG) of 25.7% continues to drive sustained growth, underlining the successful performance of our existing showrooms for FY 25 YTD.
Operational Financial Highlights
• Increased Transaction Count and ATV: As customer engagement continues to rise, there has been a notable uptick in both transaction volumes and average spending per visit. The transaction count grew by 20.9%, alongside a 21.7% increase in Average Transaction Value (ATV), reaching Rs. 86K.
• Customer Footfall and Conversion Rate: A 36.2% increase in foot falls, coupled with a strong Conversion rate of 93.7%, further fuels our growth, reflecting increased Demand, customer engagement and sustained purchasing behavior at the store level.
• Festive Sales Surge: The festive season continues to contribute significantly to our performance, with Navratri sales growing by 18.0% and Diwali sales seeing a substantial increase of over 52.7%.
• Stud Ratio: A 38.7% YoY rise in stud ratio, which now stands at 7.4%.

Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, PN Gadgil Jewellers Limited, said, “Our strong Q3 FY25 performance reflects the continued trust of our customers and the strength of our retail presence. With record-high monthly revenue, robust same-store sales growth, and increasing customer engagement, we remain focused on enhancing our offerings and expanding our footprint. The successful launch of nine showrooms across nine consecutive days during Navratri underscores our commitment to growth, taking our store count to 48, with plans to reach 53 by Q4 FY25. The growth in all segments-retail, e-commerce, and franchise-reinforces our strategy and positions us well for sustained momentum in the coming quarters.”
National News
Jewellery Inclusion in FTWZ, Enabling Secure Storage and Display of High-value Inventory
Effectively Completes the Value Chain Within the SEZ-linked FTWZ Ecosystem.
In a significant policy clarification, the Government of India has brought jewellery under the ambit of Free Trade Warehousing Zones (FTWZ), extending the scope of the existing framework governed by the SEZ Rules, 2006.
Under a Circular dated 3rd March 2016, FTWZ units were already permitted to undertake storage and vaulting of precious commodities such as gold, silver, platinum, gems, and precious stones. The latest clarification now explicitly includes jewellery within this framework, effectively completing the value chain within the SEZ-linked FTWZ ecosystem.
This move follows consistent representations by GJEPC to the Government, highlighting the need to broaden the FTWZ framework to include jewellery, thereby enabling secure storage and display of high-value inventory within India.
This move addresses a critical gap in the existing framework by enabling finished jewellery to be stored, displayed, and traded within FTWZs, something that was not clearly permitted earlier. It also provides a secure mechanism for handling high-value inventory, which is particularly important during periods of global uncertainty. At the same time, it supports trade continuity by facilitating smoother consignment-based operations and more efficient global redistribution from India.
FTWZs in India offer a viable, well-regulated environment backed by SEZ infrastructure, providing both stability and operational efficiency. The move positions India as an additional, dependable hub within the global supply chain, offering flexibility to international traders while reinforcing confidence in India’s regulatory and trading ecosystem.
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