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Nov 13

PNG Jewellers reports 46% growth in consolidated revenue yoy, reaching Rs.20,013.10 million for Q2 FY25

 

H1 FY25 Revenue, EBITDA and PAT grew YoY by 40%, 42% and 59% respectively


P N Gadgil Jewellers Ltd. reported a significant increase in consolidated revenue, achieving approximately 46% growth in Q2 FY25 compared to Q2 FY24 and 20% growth QOQ. This growth was fuelled by strong sales momentum across the company's network of stores. The company posted a profit after tax (PAT) of Rs. 349.19 million for the quarter, marking a 59% increase over the same period last year.

 

Total revenue for Q2 FY25 reached Rs. 20,013.10 million, up from Rs. 13,715.12 million in Q2 FY24. The company also recorded an EBIDTA of Rs. 658.83 million, compared to Rs. 474.63 million for the same quarter of the previous year marking an increase of 39%.

 

The quarter saw robust performance due to festive demand during Ganesh Utsav and the decrease in gold import duty in the Union budget. Additionally, during Maha Mangalsutra Mahotsav (the 20th year of Mangalsutra Mahotsav), which is PNG Jewellers’ annual flagship event, the average sale per day increased by 40%.

 

Retail revenue for Q2 FY25 grew to Rs. 12,195.05 million, reflecting a 37% increase from Rs. 8,880.30 million in Q2 FY24. Retail EBIDTA rose to Rs. 681.69 million, a 55% growth from Rs. 438.66 million in the prior year. Retail PAT also showed strong growth, reaching Rs. 372.28 million, up 91% from Rs. 195.32 million in Q2 FY24.

 

The company’s e-commerce segment experienced exceptional growth, with revenue in H1 FY25 increasing to Rs. 965.84 million, a 95% rise from Rs. 496.23 million in H1 FY24. Franchise revenue also grew to Rs. 2,941.12 million, up 48% from Rs. 1,990.63 million in the previous year.

 

Revenue per store for H1 FY25 increased to Rs. 941 million, up 18% from Rs. 796 million in H1 FY24. Branch-wise profitability grew significantly, reaching Rs. 18.01 million, a 35% increase from Rs. 13.36 million in H1 FY24. The average transaction value (ATV) rose by 22%, increasing to Rs. 93,919 from Rs. 76,813 in the previous year.

 

During the quarter, P N Gadgil Jewellers launched more than 2000 new Mangalsutra designs into seven distinct sections Traditional, Modern, Light Weight, Heritage, Polki, Diamond and Gokak for the Maha Mangalsutra Mahotsav.


 

Dr. Saurabh Gadgil, Chairman and Managing Director of P N Gadgil Jewellers Ltd., said, “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 Q2 FY24.

 

One of the most notable milestones this quarter was our strong debut on the stock market on September 17, 2024. Our shares listed at Rs 830 on the National Stock Exchange, an impressive 72.91% premium over the issue price of Rs 480 per share. On the Bombay Stock Exchange (BSE), the shares opened at Rs 834, marking a 73.75% premium. This reflects the trust and confidence our stakeholders have in PNG Jewellers' legacy, growth potential, and future vision.

 

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% and platinum to 6.4% aligned with industry demands and positively impacted consumption, helping moderate prices that had previously reached record highs. This move has not only supported the growth of the organized sector but also provided much-needed relief to consumers while enhancing market transparency and curbing illegal smuggling activities.

 

Additionally, the festive season, which included Ganesh Utsav, Janmashtami, and Raksha Bandhan, drove strong gold demand and consumer engagement. We also saw a phenomenal response to our Maha Mangalsutra Mahotsav and Painjain Mahotsav which further boosted sales and strengthened our market position. Collectively, these factors along with our successful stock market debut, contributed to the strong operating performance we achieved in Q2 FY25”








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