P N Gadgil Jewellers Q3 Updates: Revenue From E-Commerce Segment Grows 98%
The company attributed this growth to a strong increase in same store sales growth, festive demand in Dussehra, Diwali, as well as the wedding season.
P N Gadgil Jewellers Ltd. on Wednesday said that revenue from its retail business for the October–December period of the current financial year has grown 42% against last fiscal’s similar quarter.
For the quarter under review, PNG Jewellers’ revenue from its franchise segment jumped 87% against last year’s similar period.
As for the e-commerce segment, the jeweller’s revenue increased an astounding 98% in the December quarter from the similar period in the previous fiscal.
In the diamond category, PNG Jewellers achieved a revenue growth of around 40% on a YoY basis compared to Q3 FY24.
The company added that out of its plan to open 12 new stores, it has launched nine new outlets. These stores were launched over a period of nine consecutive days during Navratri in October last year.
It said, “We are all set to open three more stores in the upcoming quarter, further enhancing our store presence.”
On a consolidated basis, in the third quarter of FY25, the jewellery store chain operator witnessed a year-on-year growth of around 24% compared to the same period in FY24, according to the company's consolidated business performance update for the quarter.
The company attributed this growth to a strong increase in same-store sales growth, festive demand in Dussehra and Diwali, as well as the wedding season.
In October last year, the PN Gadgil Jewellers' Managing Director Saurabh Gadgil had told NDTV Profit that gold demand will increase during the festive season.
"Gold is not looked at by consumers as a short-term option. It's a part of our culture, emotions, and festivities. So, even gold prices have not been a jitter till now. There has just been a short pushback where people have adopted a wait-and-watch model," he explained.
Citing examples of demand during Akshaya Tritiya and Gudi Padwa, considered auspicious for buying gold, Gadgil asserted that people were looking to invest in the precious metal with a long-term goal.
“We saw a phenomenal increase in sales on both these festive days. Gudi Padwa, in fact, had a 70% single-day jump compared to last year. The same was the case with Akshaya Tritiya—a 35-40% jump in sales,” Gadgil said.
Shares of P N Gadgil Jewellers Ltd. closed 2.71% lower at Rs 672.40 apiece on the BSE, compared to a 0.06% decline in the benchmark Sensex.
