PN Gadgil Jewellers Q2 Results: PAT soars 59% to Rs 35 crore, revenue up 46%
revenue in Q2 FY25 to Rs 2001.3 crore compared to Rs 1371.5 crore in Q2 FY24. The company posted a profit after tax (PAT) of Rs. 34.9 crore in Q2 FY25, a 59% increase over the same period last year.
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), PNG Jewellers’ annual flagship event, the average sales per day increased by 40%.
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.
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
