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In-line operating performance; store expansion on track

* PNGJ’s consolidated sales rose 24% YoY to INR24.4b in 3QFY25, led by strong demand during Navratri and Diwali.

* SSSG grew by 25.7% in 9MFY25.

* Stud ratio improved 80bp YoY to 7.4% in 3QFY25 vs 6.6% in 3QFY24.

* The company added 9 stores during the quarter, bringing the total count to 48 stores in 25 cities.

* Gross margin expanded by 130bp YoY to 9.8% (est. 10.3%).

* EBITDA margin was up 40bp YoY to 5% (est. 5.1%).

* Employee expenses were up 46% YoY and other expenses were up 56% YoY.

* EBITDA grew by 33% YoY to INR1.2b.

* PAT grew by 49% YoY to INR860m. PAT margin stood at 3.5% vs 2.9% in 3QFY25.

* In 9MFY25, net sales, EBITDA, and APAT grew by 33%, 42%, and 71%

Other highlights from the press release

* The company experienced a good festive season, with Navratri sales up by 18% and Diwali sales up by 53%.

* Retail revenue increased by 42% YoY to INR18.8b in 3QFY25. The EBITDA margin was 6.8% and PAT margin was 4.6%.

* The E?commerce segment grew by 97% YoY to INR666m in 3QFY25.

* Franchise revenue grew by 87% YoY to INR2264m in 3QFY25.

* The transaction count grew by 21%, with a 22% increase in Average Transaction Value (ATV), reaching INR86k.

* The company plans to reach 53 stores by 4QFY25.

* The company hedged 83.6% through GML by Dec’24 and has now become fully hedged.

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