PN Gadgil Share Price Falls As Q1 Profit Declines Nearly 36% Sequentially

PN Gadgil Jewellers Ltd.'s share price fell more than 8% on Monday as its profit declined nearly 36% in the quarter ended June 2024. The company reported a 35.7% sequential decline in its net profit for the first quarter to Rs 35.32 crore, according to an exchange filing.

Revenue during the same period rose 10.31% sequentially to Rs 1,668.12 as opposed to Rs 1,512.02 crore in the previous year. 

Saurabh Gadgil, managing director and chief executive officer of the company, said that it added three new stores in the first quarter of fiscal 2025 and expects revenue growth for the next few quarters to be sustainable at 20-25%.

He said that gold is not a short-term option, and the company saw a phenomenal increase in Gudi Padwa and Akshaya Tritiya. Furthermore, he said that the season ahead looks stronger because of consumer interest and demand for gold.

Gadgil expects volume growth of 10–12% going forward, with margins remaining at current levels.

The share price fell as much as 8.17% to Rs 695 apiece, the lowest level since Sept. 20. It pared losses to trade 5.6% lower at Rs 714.35 apiece as of 12:12 p.m. This compares to a 0.4% decline in the NSE Nifty 50 Index.

Total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index was at 38.4.

Since its listing on September 17, the stock has fallen 9.9%.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.