In the vibrant Indian retail fashion jewellery market, PNGS Gargi Fashion Jewellery Ltd (Gargi) showcased a remarkable financial performance during the fiscal year spanning April 2023 to March 2024. Experiencing a notable upswing, the company’s annual sales surged by 76.07 percent to reach INR 50.48 crore, compared to INR 28.67 crore in the preceding year.
Moreover, Gargi maintained its upward momentum throughout the year, with its net profit escalating by 80.38 percent to INR 8.46 crore for the year ending March 2024, as opposed to INR 4.69 crore in the previous fiscal period.
In the quarter ending March 2024, Gargi demonstrated exceptional growth, achieving sales of INR 15.38 crore, marking a remarkable growth rate of 116.93 percent. This quarter also witnessed a substantial increase in net profit, which surged by 74.07 percent to INR 2.35 crore compared to the previous quarter ended March 2023.
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Aditya Modak, Co-Founder of Gargi by PNGS, expressed excitement, stating, “We are delighted to observe such impressive growth in both sales and net profit, showcasing the dedication and effort of our team, along with the trust and backing of our customers. These outcomes emphasize our dedication to providing outstanding products and experiences.”
Sporting a portfolio of more than 15,000 SKUs, Gargi has reached notable milestones, witnessing exponential growth in its inaugural year with a sixfold revenue increase. Its listing on the Bombay Stock Exchange (BSE) has further cemented its status as a market frontrunner, drawing in customers and propelling expansion. With a fourfold surge in customer base, Gargi holds strong confidence in the trust and loyalty its clientele bestows upon the brand.
Operating in 18 locales across 10 metro cities and 6 states, Gargi is positioned for continued growth and success, with solid plans in place for the financial year 2024-25.
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