PC Jeweller export business losses contribute to Rs 376.8 crore net loss in FY19 Q4

By

Isabelle Crossley

Published
May 31, 2019

The fine jewellery brand PC Jeweller totalled a net loss of Rs 376.8 crore ($56.6 million) on a standalone basis for the fourth quarter of the 2019 financial year due to losses in its export business.

PC Jeweller saw its finances turn from a net profit of Rs 118.28 crore in the fourth quarter of the 2018 financial year to a net loss of Rs 376.8 crore during the same quarter a year later, the Press Trust of India reported after accessing a regulatory filing on May 30. Despite increased losses, the business’ income had risen from Rs 2,114.64 crore during the fourth quarter of the 2018 financial year to Rs 2,203.91 crore during the fourth quarter of the 2019 financial year.

"Net loss of Rs 376.8 crore in Q4 FY19 is due to loss in the export business on account of one-time discount against the outstanding export trade receivables aggregating to Rs 513 crore," said PC Jeweller’s recent presentation, as reported by the Press Trust of India. The business maintained that its domestic business is still profitable.

The business filed a standalone net loss of Rs 2.81 crore for the entire 2019 financial year compared to a standalone net profit of Rs 567.4 crore for the 2018 financial year. The brand’s total income also fell over the course of the year as a whole to Rs 8,461.17 crore in the 2019 financial year down from Rs 9,588.54 crore during the 2018 financial year.