PNG Jewellers announced that it has witnessed a consolidated YoY growth of around 24% in Q3 FY25, driven by a strong increase in same store sales growth, festive demand in Dussehra, Diwali and the wedding season.
During Q3 FY25, the retail segment saw a YoY revenue growth of around 42% as compared to Q3 FY24. The franchise segment experienced a YoY revenue increase of around 87%, while the e-commerce segment grew by around 98% compared to Q3 FY24.The Diamond category achieved a steller revenue growth of around 40% on a YoY basis compared to Q3 FY24.
The company said, As previously mentioned, in line with the plan to open 12 new stores, we have already launched 9 new stores over 9 consecutive days during Navratri in Oct‐24. Moreover, we are all set to open 3 more stores in the upcoming quarter, further enhancing our store presence.
P N Gadgil is the second-largest jewellery player in Maharashtra in terms of the number of stores as of January 2024. A wide range of precious metal and jewelry products include gold, silver, platinum, and diamond jewelry across various price ranges and designs.
The products are primarily sold under the flagship brand, PNG, as well as various sub-brands, through multiple channels, including retail stores, various online marketplaces, and own website. A mobile application, PNG Jewellers, was launched in March 2022 to keep customers updated on new designs and collections.
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The companys consolidated net profit jumped 59.1% to Rs 34.92 crore on a 45.9% increase in net sales to Rs 2,001.31 crore in Q2 FY25 over Q2 FY24.
The scrip slipped 1.81% to Rs 660.65 on the BSE.
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