Festive Season: Gold purchases surge during Navratri, this company sets sales record

News Topical, Digital Desk : The impact of the steps taken by the government to increase consumption is being seen. Despite the rise in gold prices, jewellery companies have made record sales during Navratri this year. This increase has been seen in both value and volume as compared to last year. PN Gadgil Jewellers, a gem jewellery company included in the BSE Smallcap Index, said in the information sent to the stock market that in this festive season, the company registered a growth of 65% on yearly basis and made record sales of Rs 428 crore during Navratri. According to the company, despite the continuous rise in gold prices, the demand from the customers remained strong.

Sales performance:
The company informed the exchange that sales during Navratri saw a 65% year-on-year increase. Furthermore, Dussehra recorded the highest single-day sales of ₹190 crore, a 64% increase compared to last year. Gold revenue grew 64% year-on-year, while prices increased 50% and 18% quarter-on-quarter compared to last year. Strong growth was also observed in demand for diamonds (47%) and silver (133%). 

Volume also increased : In terms of sales volume, the company sold 456 kg of gold, a 10% increase compared to last year. Diamond and silver sales volumes were 53% and 64% higher, respectively, compared to last year. Saurabh Gadgil, Chairman and Managing Director of the company, described this as a proud moment for the company. He said, “This milestone is a result of our strong customer relationships and the festive spirit. Gold was the primary driver of growth this time around, while diamonds and silver also contributed significantly. The company's profit nearly doubled in the June quarter, rising 96.3% to ₹693 million. Revenue rose 2.8% to ₹1,714.5 million. EBITDA increased 71.5% to ₹109.9 million, while margins expanded from 3.8% to 6.4%. The company also demonstrated strength in the stock market. PN Gadgil Jewellers shares rose 3.43% on the NSE to close at ₹627.95 per share, well above its IPO issue price of ₹480 last year. 

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