 "PC Jeweller, PCJ")
India's PC Jeweller posted a profit in the third quarter on Tuesday, driven by demand for jewellery during the festival and wedding season.
The company posted a consolidated net profit of Rs 148 crore ($17 million) in the quarter ending Dec. 31, compared with a loss of Rs 198 crore a year earlier and a profit of Rs 179 crore in the previous quarter.
Revenue from operations saw a near sixteen-fold surge to Rs 639 crore.
Key context
Major festivals and the wedding season during the quarter fueled demand for gold jewellery while higher gold prices pushed consumers to choose lighter and lower-carat jewellery.
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PC Jeweller faced liquidity squeeze due to disputes with some of its lenders in the previous quarters and had offered one-time settlements to the banks, which had hurt its profitability.
Peer Kalyan Jewellers posted higher profit in the third quarter owing to robust festive and wedding-season demand, while larger peer Titan beat third-quarter profit estimates.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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