PC Jeweller reports Q1 net loss of Rs 78 crore
Sep 15, 2020
PC Jeweller reported a net loss of Rs 78 crore ($10.6 million) during the first quarter of the current financial year ended June 2020, as against a net profit of Rs 48 crore it had reported in the corresponding period last year.
PC Jeweller’s sales were completely wiped out due to the Covid-19 lockdown, which resulted in heavy losses for the quarter.
The company’s revenue for the quarter plummeted to Rs 47 crore, from Rs 1,349 crore it had reported in the same period last year.
“The period of Q1 was marked by a complete shutdown of operations during April. Though operations re-started with the gradual lifting of lockdown from the second week of May, they were on a very limited and restricted level only for the entire quarter,” PC Jeweller said in a statement.
“The company cut down on all its expenditure and negotiated with all its landlords for waiver or reduction of rentals. It has, however, paid its creditors as well as staff expenses even during this pandemic quarter,” it added.
The New Delhi-based PC Jeweller Limited started operations in April 2005. The company currently has around 73 company-owned and 11 franchise stores across the country.
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