PC Jeweller swings to profit in Q1, sees early settlement of legal issues

Jewellery retailer PC Jeweller Ltd on Wednesday reported a consolidated net profit of ₹156.06 crore for the first quarter ended June 30, compared to a net loss of ₹171.62 crore a year earlier.

The company's revenue from operations surged to ₹401.15 crore during the April-June quarter of this fiscal from ₹67.68 crore in the same quarter of the previous year, according to a regulatory filing.

PC Jeweller said it was "confident" of an early settlement of ongoing legal issues, which would allow management to focus on restoring business that had "suffered badly" in the last three years.

The jeweller closed one company-owned store in Delhi and two franchise stores in Meerut and Saharanpur during the quarter. Two stores in Delhi remain temporarily shut due to ongoing court proceedings.

As of June 30, PC Jeweller operated 53 company-owned stores and four franchise outlets across India.