PC Jeweller Posts Profitable Turnaround in Q1

Jewellery retailer PC Jeweller Ltd has reported a remarkable turnaround, posting a consolidated net profit of Rs 156.06 crore for the first quarter ended June 30. This compares favorably to a net loss of Rs 171.62 crore in the same period last year.

Revenue from operations of PC Jeweller surged to Rs 401.15 crore during April-June quarter, up from Rs 67.68 crore a year earlier, according to a regulatory filing.

The company expressed confidence in an early resolution of ongoing legal issues, which would allow management to focus on restoring business after a challenging three years.

Despite closing one company-owned store in Delhi and two franchise stores in Meerut and Saharanpur, the jeweller continues operations with 53 company-owned stores and four franchise outlets across India as of June 30.

(With inputs from agencies.)