PC Jeweller Ltd on Tuesday reported a 28 percent increase in its consolidated net profit at Rs 190.10 crore in the quarter ended December, mainly on festive demand. Its net profit stood at Rs 147.96 crore in the year-ago period.
Total income grew to Rs 900.51 crore in the October-December period of this fiscal from Rs 683.44 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the quarter, the company signed a MoU with the Government of Uttar Pradesh under the Chief Minister - Yuva Udyami Vikas Abhiyan (CM-YUVA) and has also been onboarded as a franchise brand on the CM-YUVA portal. As part of the initiative, PC Jeweller will support trained goldsmith entrepreneurs in rural and semi-urban areas to establish 1,000 jewellery retail franchise units.
The Board has approved the company's future business expansion plan of opening up to 100 large franchise showrooms during next 12 -18 months, the company informed the exchanges.
PC Jeweller MD Balram Garg said the company has posted a resilient operational performance in the third quarter of this fiscal, "driven by continued consumer demand during the festive and wedding season." On the balance sheet front, he said the company continues to make steady progress towards its stated objective of becoming debt-free.
"Since the execution of the settlement agreement with banks on 30 September 2024, the company has reduced its outstanding debt by approximately 68 per cent, reflecting a significant improvement in its financial position and reaffirming management's focus on financial discipline and deleveraging," Garg said.
The company remains focused on strengthening core operations, expanding retail presence through owned and franchise formats, he added.
During the first nine months of this fiscal, PC Jeweller's net profit rose to Rs 561.57 crore from Rs 482.92 crore in the year-ago period.
Total income rose to Rs 2,603.32 crore during the April-December period of this fiscal from Rs 1,671.77 crore in the corresponding period of the preceding year.
PC Jeweller is one of the leading jewellery firms in the country. It has around 50 physical stores across 12 states.
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