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 1.48 billion rupees ($17 million) in the quarter ending Dec. 31, compared with a loss of 1.98 billion rupees a year earlier and a profit of 1.79 billion rupees in the previous quarter.
Revenue from operations saw a near sixteen-fold surge to 6.39 billion rupees.
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.
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.
