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PC Jeweller Ltd.

BSE: 534809 Sector: Consumer
NSE: PCJEWELLER ISIN Code: INE785M01013
BSE 00:00 | 01 Jul 23.75 0.75
(3.26%)
OPEN

23.15

HIGH

23.80

LOW

22.65

NSE 00:00 | 01 Jul 23.75 0.65
(2.81%)
OPEN

23.40

HIGH

23.80

LOW

22.65

OPEN 23.15
PREVIOUS CLOSE 23.00
VOLUME 35545
52-Week high 30.55
52-Week low 18.65
P/E
Mkt Cap.(Rs cr) 1,105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.15
CLOSE 23.00
VOLUME 35545
52-Week high 30.55
52-Week low 18.65
P/E
Mkt Cap.(Rs cr) 1,105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

PC Jeweller Ltd. (PCJEWELLER) - Chairman Speech

Company chairman speech

Dear Shareholders

Indian economy registered its lowest GDP growth of last one decadeduring the FY 2019-20. At the same time gold prices also registered their sharpestincrease within the shortest period of two months (July & August 2019). These twofactors resulted in very muted consumer demand and the sales even during the festiveseason remained subdued and lower than the previous year. The export markets alsocontinued to stay depressed and faced adverse consumer sentiments. And to top it all thespreading scare of pandemic COVID-19 started impacting consumer footfalls right from thefirst week of March and there was a complete shutdown of operations from 22nd March 2020onwards. As a result the reported financial year saw the Company experiencing de-growthin its domestic turnover for the first time. The Company has also slashed its exportturnover by more than 50% on account of the weak consumer sentiments in its overseasmarkets.

Given the overall slowdown in the economy and declining consumerspending the Company has eschewed expansion and opened only one new showroom at Sirsa(Haryana). It is instead concentrating on consolidating its network by shutting downnonperforming showrooms rationalizing its systems and procedures and conserving capitalby reducing working capital limits. To achieve the cost rationalization goals I havevolunteered to forgo my entire salary for the major part of the year and some of oursenior management personnel including Shri Ramesh Kumar Sharma Executive Director &COO also have foregone roughly 40% of their monthly salaries during the year. I have alsoinfused Rs.215 crores in the Company in the form of unsecured noninterest-bearing loan toimprove its liquidity. Though currently these funds are in the form of loans but will belater converted into equity or equity-like instruments subject to receipt of necessaryapprovals and compliance with applicable laws. Our commitment and steadfast pursual ofbetter operational profitability and improved financial health have helped the Companyturn profitable once again.

Unfortunately the dark clouds continue to hover above us. The newfinancial year 2020-21 has started with the deleterious impact of the COVID-19 pandemicwhich has spread all over the world. The Company is however ready to work with the newnormal and will continue to perform to the best of its ability in the constrainedcircumstances. The Company will continue to concentrate on its domestic business bysustaining the tactical work on its products range and launching new designs andcollections as well as high margin jewellery items. Our focus will be to ensure salesgrowth further streamline the cost improve the Company's financial performance and toextract additional efficiencies from its existing assets. These measures will help us inincreasing the value for the stakeholders in the long run and be operationally andfinancially ready to invest in growth when the external environment recovers.

Yours sincerely

Sd/-

Balram Garg

Managing Director

.