Q1 Results: PC Jewellers swings to profit - Details

PC Jeweller has reported a healthy number in the first quarter of the financial year 2204-25. The Delhi-based company reported a consolidated net profit of 1.56 billion rupees ($18.6 million) as compared with a loss of 1.72 billion rupees a year earlier. The company is in profit after six straight quarters of losses. 

Revenue from operations surged nearly six-fold to 4.01 billion rupees.

Meanwhile, PC Jeweller has informed exchanges that it has received approval from Indian Bank for its One Time Settlement (OTS) proposal. It said the Indian Bank conveyed its decision via a letter dated August 5.

"This is to inform that Indian Bank vide its letter dated August 5, 2024 has conveyed its acceptance of One Time Settlement (OTS) proposal submitted by the Company. The Company had opted for OTS to settle the outstanding dues. The terms and conditions of accepted OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc," the company said in a regulatory filing.

Meanwhile, PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors, mainly to settle bank loans and for working capital requirements.