PN Gadgal Jewelers looking Bullish From Here About
Established in 1832, P. N. Gadgil & Sons
Ltd is in the retail business of gold, silver,
and diamond jewellery
Key Points
Business Overview:
PNGSL is one of the oldest Jewellers in Maharashtra. It is a part of the PNG group which is an established player in the gold, silver and diamond jewellery business, with a significant presence in Pune, Mumbai and other parts of Maharashtra. Company provides new jewellery trends in Maharashtra and have introduced Temple Motifs, Contemporary Jewellery designs, Light Weight, Daily Wear and Designer Collections, etc. Currently, it is present in 3 States, 23 Cities with 30 Showrooms
Product Categories:
a) Collections:
Azva, Color Mangalsutra, Delicate Designs, Divine Collections, Diwali Festive Colletion, etc.
b) Diamonds:
Festival Diamond, First Love First Diamond, Love Again and Again, Rose Gold Collection, Ruby Gold, etc.
c) Gold:
Zaroka Jewellery Collection, Accessories, Bracelet – Gents, Bracelet – Ladies, Chain For Ladies
d) Silver:
Corporate Gift Items, Kids, Pooja Sahitya, Silver Jewellery
e) Women's Jewellery:
Mangalsutra, Bangles, Necklace, Pendant, Tops, Finger Rings, Chains
f) Men's Jewellery:
Chain, Chain Pendant, Ring, Bracelet
Revenue Generation:
In FY23, company's revenue grew by 76%, led by a 32% rise in jewellery sales and 280% rise in low-margin bullion sales
Closure of Overseas Subsidiaries:
In FY22, company did wrote-off Rs 52 crore following closure of loss-making subsidiaries in Dubai (PN Gadgil Jewellers DMCC and PNG Jewellers LLC). Prior to that, the group has sold off or discontinued operations in loss-making entities. Company sold Style Quotient Jewellery Pvt Ltd in FY18 and its joint venture, Anant Mauli Jewellers, in FY19. It also discontinued operations of GDPL in FY18. In FY23, it discontinued its operations in the Middle East. The US subsidiary is profitable.
IPO:
In FY24, company has filed the Draft Red Herring Prospectus (DRHP), for an initial public offering. The proposed IPO consists of a fresh issue of up to Rs. 850 crore. The proceeds would be utilized to reduce debt would enhance the debt metrics
