P C Jeweller Reports Rs 156 Cr Profit in June Quarter

New Delhi, Aug 14 (PTI) P C Jeweller Ltd on Wednesday reported a consolidated net profit of Rs 156.06 crore for the quarter ended June on higher income.

The company had posted a net loss of Rs 171.62 crore in the year-ago period.

Total income jumped more than five times to Rs 439.78 crore during the April-June period of this fiscal from Rs 72.61 crore in the corresponding period of the previous year, according to a regulatory filing.

"The Q1 FY2025 has been a turnaround quarter for the company. The company has started regaining its customer trust and goodwill which has resulted in an exponential growth in its topline and profitability," P C Jeweller said in an investor presentation.

P C Jeweller said the company had submitted its Offer for Settlement (OTS) to the consortium of 14 banks. The consortium had given its in-principle approval to the OTS offer subject to acceptances from their respective internal authorities.

"In a positive development, as on date, the internal authorities of 12 out of 14 banks of the consortium have accepted the company's OTS offer and the same is under active consideration with the competent authorities of the remaining 2 consortium banks and the company is positive and confident of receiving their acceptances in the ongoing month itself," it said.

Further, State Bank of India (Lead Bank) had also filed an application for withdrawal of its petition filed before NCLT, Delhi seeking initiation of Corporate Insolvency Resolution Process under section 7 of IBC against the company. The petition was disposed as withdrawn, by NCLT, Delhi vide its order dated April 30, 2024.

"The company has received its shareholders approval to raise funds to the tune of Rs 2,705.14 crore by preferential issue of fully convertible warrants. These funds will be utilised towards repayment of bankers outstanding debt as well as meeting its working capital requirements as well as general corporate purposes," P C Jeweller said.

The company has a wide network of 57 showrooms (including 4 franchisee showrooms) located in 42 cities spread across 15 states across India as on June 30, 2024.