PN Gadgil Jewellers Q1 Net Profit Jumps 52 % to Rs 105 Cr

New Delhi: PN Gadgil Jewellers Ltd on Monday reported a 52 per cent increase in its consolidated net profit to Rs 105.33 crore for the quarter ended June on higher revenue.

Its net profit stood at Rs 69.34 crore in the year-ago period.

The total income grew to Rs 2,423 crore in the first quarter of this fiscal from Rs 1,727.44 crore in the corresponding period of the preceding year, according to a regulatory filing.

During the June quarter, the diamond category achieved 29 per cent growth in value and 26 per cent growth in volume.

“The gold category recorded a robust 54 per cent growth in value, while volumes remained broadly stable with only a 1 per cent YoY (year-on-year) moderation, reflecting healthy demand despite elevated gold prices. The silver category registered 131 per cent growth in value, even as volumes softened slightly by 7 per cent year-on-year,” the company said.

Established in 1832, PN Gadgil Jewellers Ltd is one of the leading jewellery retailers in India. The company offers a wide range of gold, silver, diamond and platinum jewellery. It operates 78 retail stores – 77 in India and 1 in the US.

PN Gadgil highlighted that it has further enhanced risk management practices by increasing its overall hedge coverage to about 70 per cent, significantly reducing exposure to gold price volatility.

The company aims to increase hedge coverage to over 80 per cent in the near term, with a long-term objective of achieving near-full inventory hedge coverage.

PN Gadgil said the company would open more retail stores this fiscal.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)