PC Jewellers’ standalone net profit declined about 15 per cent to Rs 138.34 crore in the December 2018 quarter as compared to the year-ago period, mainly due to lower revenues.

Its net profit was Rs 162.7 crore in the quarter ended on December 2017, according to a filing to the BSE. Total income in the quarter fell to Rs 2,164 crore as against Rs 2,690.59 crore a year ago. The company on Saturday said it continues to work on transformation of its business model by reducing its export turnover, which is reflected in decline of Rs 1,200 crore in the export turnover on a year-on-year basis.

Its overall margin has improved on quarter-on-quarter as well as y-o-y basis. The company’s profitability margin has shown improvement on account of higher contribution of domestic business to overall sales. Any decline in the absolute numbers is only account of a de-growth in the export business and, hence, overall turnover, it said.

The firm’s domestic turnover increased 3 per cent during the quarter and it has managed to almost wipe off de-growth experienced in its domestic business in the July-September quarter. The domestic margins continue to remain stable. It said the company continues to deleverage its balance sheet by reducing its overall banking exposure. Of the overall reduction of the Rs 500 crore planned for third and fourth quarter, the company has achieved a reduction of almost Rs 300 crore in the third quarter itself, it added.

The company engages in the business of manufacture and sale of gold jewellery, diamond-studded jewellery and silver articles of various designs and specifications. Its manufacturing facilities are located in India.

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