Jun 1, 2023
PC Jeweller Ltd posts Q4 loss of Rs 302 crore
Jun 1, 2023
PC Jeweller Ltd reported a net loss of Rs 302 crore for the fourth quarter ended March 2023, as against a net loss of Rs 173 in the same period last year.
The company’s revenue for the quarter was down by 8 percent to Rs 173 crore, as against Rs 189 crore in the corresponding period of the previous fiscal year.
The company’s annual turnover increased by almost 50 percent on a year-on-year basis but continues to remain a loss-making unit.
However, it managed to substantially reduce its annual loss from Rs 508 crore last year to Rs 245 crore for the recently concluded financial year.
“The company submits that its operations had picked up substantially during the first three quarters of FY 2022-23. The situation has however, changed after its Resolution Plan could not go through and the Lead Bank (SBI) decided to approach the legal route for recovering its exposure in January 2023,” PC Jeweller said in its business update.
“The management is confident that it will be able to realize its assets and meet its liabilities and commitments in the normal course of business considering the net assets position of the company irrespective of the final conclusion of decision in the ongoing legal process,” it added.
PC Jeweller currently has around 73 company-owned, 12 franchise stores, and sells online through e-commerce platforms.
Copyright © 2023 FashionNetwork.com All rights reserved.
