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December 31, 2021P. N. Gadgil & Sons Enters Fortune 500 India List
Becomes First Gems & Jewellery Brand From Maharashtra
Pune, December 16, 2021
P. N.. Gadgil & Sons Ltd (PNG Sons) has become the first jewellery company from Maharashtra to be a part of Fortune 500 India list. Company has achieved this feat in less than 10 years in existence since its demerger from erstwhile P. N. Gadgil & Company in 2012.
The Fortune India magazine recently published its list of India’s Fortune 500 India companies. PNG Sons ranked 471 in Fortune 500 India list. Commenting on this milestone, Mr. Amit Modak Director-CEO, PNG Sons Ltd. said that it’s a big achievement for us and we are proud of it. PNG Sons became operational in 2012 after the demerger of erstwhile P N Gadgil & Company which was formed in 1958. Our journey started with 2 showrooms, 200 employees, Rs.300 Cr turnover, Rs.13 Cr PAT, and now we have 29 showrooms in 3 states with a total strength of 1100, and our turnover has reached Rs.2100 Cr and PAT is Rs.130 Cr as on March 31, 2021.
“Fortune 500 India listing is an acknowledgement of our good efforts,” Mr. Ajit Gadgil Director PNG Sons mentioned.
Despite being a family-owned jewellery business, promoters of PNG Sons Mr. Ajit Gadgil & Dr. Renu Gadgil have adopted a professional approach and have given full authority to proficient leadership in the business. This decision brought a paradigm shift in the company. We got converted a Public Limited from the partnership in 2017. To fulfill the growth of the company, we formulated a corporate structure; appointed team of 6 HODs in an earlier stage, and as we expanded that team member number went up to 14. Now we are shaping a new leadership within the organization, he added.
Today till date we are a Rs. 3000 Cr turnover company and we achieved this by strictly maintaining financial discipline. We feel if you want to be a Fortune India 500 company, one should be transparent in all manners be it compliance or financial performance and Fortune India 500 selected us on the basis of our policy, competency, profitability, regulatory filings, rating agencies, bankers inputs, audited reports, etc and everything is available in public domain. We are the most transparent company in the Gems and Jewellery sector. In our growth story, we never discriminated on gender level and we are giving equal opportunity to women also. We have inculcated women leadership in the company also. Chinchwad and Nashik which are the highest revenue-generating showrooms are managed by women store incharge. Even we reskilled our sales force on a regular basis for good customer service. Our efforts have paid us very well and we are feeling proud to be a part of the Fortune 500 India list, Mr. Modak mentioned.
The Fortune 500 India is an annual list compiled and published by Fortune magazine that ranks 500 of the largest Indian companies by total revenue for their respective fiscal years. The list includes publicly held companies, along with privately held companies for which revenues and financial details are publicly available.
