PC Jeweller Q3 net profit plummets 73 percent to Rs 36 crore
today Feb 14, 2020
PC Jeweller Ltd reported a 73 percent fall in its consolidated net profit at Rs 36 crore ($5.1 million) for the quarter ended December, as against Rs 133 crore it had reported in the year-ago period.
The company’s revenue for the October-December quarter fell to Rs 1,704 crore, as compared with Rs 2,235 crore it posted in the corresponding period of the previous fiscal.
PC Jeweller attributed the fall in revenue and profit to the ongoing economic slowdown, which hit the entire jewellery sector in India.
Weak consumer sentiment coupled with the rise in prices of gold in India has resulted in an overall slowdown in the jewellery sector, which has affected jewellers across the country.
In the previous quarter, PC Jeweller had changed its branding with the launch of a new brand logo and hoping to revive its fortunes through marketing activities and promotional schemes in the coming months.
The New Delhi-based PC Jeweller Limited started operations in April 2005. Currently, PC Jeweller has 84 stores in 70 cities and 19 states across India.
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