PC Jeweller Q3 net loss narrows to Rs 61 crore

By

Maverick Martins

Published
Feb 15, 2023

PC Jeweller Ltd managed to narrow its loss to Rs 61 crore ($7.38 million) in the quarter ended December 2022, as against a loss of Rs 73 crore posted in the year ago period.

The company’s revenue for the quarter rose by 40 percent to Rs 800 crore on the back of strong demand for gold during the festival and wedding seasons, as against Rs 611 crore posted in the corresponding quarter of the previous fiscal year.

The Delhi-based jeweller's total expenses in the third quarter rose by 35 percent to Rs 927 crore as compared to Rs 698 crore in the year-ago period.

“Showrooms continue to operate, though level of operations has declined since the beginning of the quarter," PC Jeweller said in a business update.

PC Jeweller had disclosed a week ago that IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank have issued loan recall notices to the company.

PC Jeweller is one of the leading players in the gems and jewellery segment in India. It currently has around 73 company-owned and 12 franchise stores across the country and sells online through its website and e-commerce platforms.