PC Jeweller reports 47 pc drop in net profit to Rs 102.80 crore

NEW DELHI: PC Jeweller Ltd today reported a 47 per cent fall in the net profit to Rs 102.80 crore for the second quarter ended on September 30, due to lower sales.

The company had clocked the net profit of Rs 192.75 crore in the same quarter last fiscal.

The income of the company during July-September period of the current fiscal decreased by 55.38 per cent to Rs 1,111.73 crore from Rs 2,490.73 crore in the same period last year, the company said in a BSE filing.

Speaking about the results, PC Jeweller Managing Director Balram Garg said: "Second quarter is generally a lean period for domestic jewellery sales and we have tried to increase our visibility in this lean season by associating ourselves with many prestigious events in the lifestyle and fashion space."

Garg added that on the financial front, the company has seen a healthy and encouraging growth and has began the process of expanding the brand in more cities.

We have recently launched in Rajkot and Hyderabad and will be gradually increasing our reach, he said.

PC Jeweller currently has 38 showrooms in 30 cities and has plans to take the total number of stores to 50.

Shares of the company today closed at Rs 96.05 apiece, down 1.03 per cent on the BSE.