Newly listed PN Gadgil Jewellers‘ shares hit the 10% upper circuit at Rs 806.4 during Monday’s trading session on the BSE after the company announced plans to open a new store every Navratri.
PN Gadgil Jewellers will open 9 stores during this Navratri festival.
The company made its market debut last Tuesday, listing with a 74% premium. The stock opened at Rs 834 on the BSE and Rs 830 on the NSE, compared to the issue price of Rs 480.
As of January 2024, PN Gadgil Jewellers is the second-largest among the prominent organized jewellery players in Maharashtra in terms of the number of stores. The company is also the fastest-growing jewellery brand among India’s key organized jewellery players, based on revenue growth between FY21 and FY23.
By December 2023, the company had expanded to 33 stores, including 32 across 18 cities in Maharashtra and Goa, and one in the US, covering a total retail area of around 95,885 sq ft.
Additionally, Gadgil has also launched their mobile application “PNG Jewellers” in March 2022, which allows them to keep customers updated on new designs and collections and familiarise them with the product portfolio.
PN Gadgil recorded an EBITDA growth of 56.5% between FY21 and FY23 and achieved the highest revenue per square foot among India’s organized jewellery players in FY23.
In FY23, the company’s revenue surged 76% year-on-year to Rs 4,507 crore, with profit after tax (PAT) rising 35% to Rs 94 crore. For the year ended March 2024, revenue increased to Rs 6,110 crore, while PAT reached Rs 154 crore.
The company’s current market valuation stood at Rs 10,944.20 crore on BSE. In traded volume terms, 33.94 lakh shares of the firm were traded at the NSE during the day.
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