PN Gadgil’s Diwali sales growth was primarily driven by gold, which delivered a 74% increase in revenue. Gold volumes expanded by 10% to 390 kg during Diwali, despite the gold prices rising 60% from the previous year.
Demand was also supported by Diamond and Silver, which saw revenue growth of 54% and 90% respectively from last year, and volume growth of 47% and 17% respectively year-on-year.”Looking ahead to the wedding season, we remain highly optimistic. With customer sentiment remaining positive, we are well-positioned to continue this strong momentum,” Saurabh Gadgil, Chairman and Managing Director of the company said.
Last week, spot gold hit an all-time high of $4,381.21 per ounce, and has since declined, on the back of a firmer US dollar and signs of easing geopolitical and trade tensions. On Monday, October 27, spot gold was down 0.7% at $4,082.77 per ounce, while US futures fell 1% to $4,095.80. In India, 24-karat gold traded at ₹12,448 per gram, with 22-karat and 18-karat prices at ₹11,410 and ₹9,336, respectively
PN Gadgil shares were down 1.5% at ₹661.35 apiece around 11.20 am on Monday. The stock has gained 9.3% in the past month and has gained 28.5% in the last six months.
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