Representative image
Representative image
Photo by Vaibhav Nagare from Pexels

PC Jeweller Ltd on Thursday posted a consolidated net profit of Rs 59.59 crore in the fourth quarter of 2020-21 fiscal.

The company had reported a net loss of Rs 38.15 crore in the same quarter of the previous financial year, according to a regulatory filing.

Net income declined to Rs 868.31 crore in the fourth quarter of 2020-21 fiscal from Rs 914.67 crore in the year-ago period.

For the full 2020-21 fiscal, PC Jeweller reported a 25.30 percent drop in its consolidated net profit at Rs 62 crore from Rs 83.04 crore in the previous fiscal.

The company's total income fell to Rs 2,826.34 crore from Rs 5,206.77 crore in the said period.

The board has reappointed Balram Garg as managing director of the company for a further five years with effect from July 1, this year.

On the performance of the company, PC Jeweller said the 2020-21 fiscal year began with the onset of the COVID-19 pandemic and resultant lockdowns as well as loss of business.

"The first half of the year was practically a wipe out with a precipitous drop in sales. The company was however confident in the resilience of the jewelry industry and its faith and confidence were vindicated in the 2nd half of the year."

Further, the company said its domestic business has performed well on a quarterly basis both for Q3 as well as Q4 both on the top line as well as the bottom line.

"The company's export business has, however, been affected very adversely on account of the global impact of the pandemic and subsequent disruptions in the trade as well as tourism," it added.

However going forward, PC Jeweller said the company is confident of an improvement in this segment in the current fiscal year.

"Though the external environment has again become very bleak currently on account of the 2nd COVID wave, the impact of the same is expected to start reducing soon. And with the current pace of vaccinations as well as improvement in the health care facilities it is expected that the economic activity and the pace of consumption will again start picking up soon," the company said in its filing.

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Free Press Journal