PC Jeweller Q3 profit up 52% at Rs162.71 crore on higher sales
New Delhi: PC Jeweller Ltd on Friday reported 52% increase in its net profit at Rs162.71 crore for quarter ended December on higher sales and profit margins.
The company, which has 84 retail jewellery stores across the country, had posted a net profit of Rs106.97 crore in the year-ago period, the company said in a regulatory filing. The total income (operating revenue plus other income) rose to Rs2,690.42 crore in the third quarter of this fiscal from Rs2,121.28 crore in the corresponding period of the previous year.
“Our profit has increased in the third quarter because of higher sales and 3% increase in profit margins. We have sold more diamond jewellery,” PC Jeweller managing director Balram Garg told PTI. The lower base due to note ban in the December quarter of 2016 also helped in achieving higher percentage growth, he said, adding that the company is focusing on value addition and reducing cost to increase profit margins.
Garg said the number of retail stores is expected to touch 100 by end of this fiscal. Of the current 84 stores, about 10 are on franchisee model. In the regulatory filing, PC Jeweller said that it remains very bullish on its growth prospects and is confident to meet the 30% growth guidance figure given at the beginning of the this fiscal.
“It also feels that these growth targets are sustainable for the coming years as well as the shift from unorganised to organised is going to continue. The company remains confident of growth in its market share in the coming years,” the company said.
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