PC Jeweller's first-quarter loss has shrunk to Rs 66 crore

16th August 2021, Mumbai:

PC Jeweller announced a reduction of its net loss to Rs 65.58 crore for the first quarter ended June 30, 2021, on Saturday. According to a BSE filing, the business recorded a net loss of Rs 73.55 crore in the previous fiscal year's same quarter. In April-June 2021-22, net income increased to Rs 261.74 crore, up from Rs 87.02 crore the previous year.

Expenses remained higher at Rs 328.41 crore, compared to Rs 163.48 crore in the previous quarter. Due to the interruptions created by the COVID-19 epidemic, PC Jeweller's performance during the quarter was negatively impacted, according to the firm.

The firm claimed its stores have resumed normal operations as the second wave of the pandemic fades, but shoppers' attitude remains gloomy as the threat of a third wave looms. "The firm, on the other hand, continues to be optimistic about a steady improvement in the business, particularly in the third quarter," it said, adding that it is working to improve the margins on its jewelry and increase the sale of diamond jewelry. According to the firm, it has also managed to keep its expenditures under strict control.

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