P N Gadgil Jewellers Records 65% Jump In Navratri-Dussehra Festive Sales

P N Gadgil Jewellers Ltd. posted record festive sales of Rs 618 crore on Navratri and Dussehra, according to an exchange filing on Friday.

For Navratri, the company posted a sale of Rs 428 crore, up by 66% from the year-ago period, while Dussehra delivered the highest-ever single-day festive sale of Rs 190 crore, up 64% year-on-year.

The filing also stated that the gold segment was a key growth driver, and revenue rose 64% compared to the same period last year. While diamond and silver segments also clocked in healthy revenue rises by 47% and 133%. respectively.

The growth happened "despite gold prices surging over 50% year-on-year and 18% quarter-on-quarter". Gold volume increased by 10% to 456 kg, while diamond and silver volumes grew by 53% and 64%, respectively, the company added.

Saurabh Gadgil, chairman and managing director of P N Gadgil Jewellers, commented on the festive boom, saying, "Crossing record sales during Navratri and Dussehra, with Dussehra delivering our highest-ever single-day festive sales, is a proud milestone for PNG Jewellers. This milestone is the result of the festive spirit and the enduring bond we share with our customers. Gold once again emerged as the leader of growth, with diamond and silver also contributing significantly."

He added that following through with positive response to last Navratri’s 'Nine Days, Nine Stores’ campaign, the company opened six exclusive PNG Jewellers showrooms and four LiteStyle shop-in-shop stores.

Further, the chairman remarked that he saw this as a strong beginning to the festive quarter, something which will set in motion a positive momentum.

"As we step into the festive season, our focus will remain on offering contemporary designs with the craftsmanship and service", he said.

The scrip rose as much as 4.67% to Rs 635.40 apiece. It pared some of the gains to settle 3.43% higher at Rs 627 apiece. This compares to a 0.23% advance in the NSE Nifty 50 Index.

The jeweller's stock has fallen around 5.9% on a year-to-date basis, 18.43% in the last 12 months.

All the two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 24.3%.