PC Jeweller Q1 loss narrows to Rs 66 cr

PC Jeweller on Saturday reported narrowing of net loss to Rs 65.58 crore for the first quarter ended June 30, 2021.

The company had posted a net loss of Rs 73.55 crore for the same period of the previous fiscal year, according to a BSE filing.

Net income rose to Rs 261.74 crore in April-June 2021-22 from Rs 87.02 crore in the year-ago period.

Expenses remained higher at Rs 328.41 crore as against Rs 163.48 crore.

PC Jeweller said the company's performance during the quarter was adversely impacted due to the disruptions caused by the COVID-19 pandemic.

Amid receding second wave of the pandemic, the company said its stores have commenced their normal operations but the mood of the consumers continues to be sombre as the fear of the third wave looms.

"The company however, continues to remain confident of a gradual uptick in the business, especially in the Q3," it said, adding that the company continues to work on improving the margins on its jewellery and increasing the sale of diamond jewellery.

The company said it has also managed to keep a tight control on its expenses.