PNG Sons Crossed USD 1 Billion $ turnover Mark
First regional retail jeweller brand from Maharashtra
Youngest and Largest in Gadgil family
Pune, May 05, 2023
India’s leading jewellery retail company PNG Sons (P N Gadgil & Sons Ltd) has achieved a billion dollar turnover feat. Company posted a 90% growth in overall performance and 32 % growth in jewellery sales which is best in the retail jeweller category. PNG Sons have crossed INR 10,000 cr plus turnover in FY2022-23 and in USD terms it has touched a $1.33 billion mark.
Commenting on the achievement Mr. Amit Modak, Director-CEO PNG Sons said that 'Our founders Ajit Gadgil & Dr. Renu Gadgil have shown confidence in the team. Despite the challenging environment we did phenomenal performance in sales and in margins. As a result of this we are the youngest and largest in ‘Gadgil family’ in terms of financials. We are the first regional retail jewellery brand from Maharashtra who crossed a One billion USD turnover mark.
PNG Sons is likely to post Rs.115cr plus PAT in FY 2022-23 as against Rs.103cr profit in FY 2021-22. It posted a Rs.10,127 cr turnover out of which Rs.3200 cr is jewellery and Rs.6900cr bullion. Elaborating on the financial performance, Modak mentioned, ‘Our jewellery sales have grown up by 32% and this is the best figure as compared to other retail jewellery players. In FY 2021-22 we have started a B2B bullion business as we have strong knowledge of gold procurement, able financial strength & robust distribution network has made this possible. Bullion jewellery business registered a more than 75% growth in sales.
'Considering the changing needs of the customers and price appreciation in gold, we have taken necessary steps by introducing designer & lightweight jewellery in gold and diamond. This has helped us to keep our top line and bottom line as per target. Our promoters have recently launched (November 2022) ‘Gargi’ fashion jewellery brand to fulfilling the working women’s need,' Mr. Modak said.