PC Jeweller posts Rs 90 crore profit for June quarter

PC Jeweller today posted standalone net profit of Rs 89.95 crore in the first quarter of the 2013-14 fiscal and also announced that it will open 14 new retail stores this year.

The standalone income reached Rs 1,379 crore, of which Rs 200.97 crore was from exports and the rest Rs 1,178 crore was from domestic sales, the company said in a statement.

PC Jeweller (PCJ) got listed in December 2012 after a Rs 600 crore IPO. Presently, the Delhi-based jeweller has 36 retail stores and five manufacturing units in Dehradun and Nodia.

Commenting on the performance, the company's managing director Balram Garg said: "We are happy with our performance in the first quarter. We have been constantly focusing on our key strengths and our forte, which is diamonds."

The company focused in western India during Q1 and set up two showrooms in Gujarat and four in other cities, he said.

Going forward, Garg said: "We intend to open 14 more showrooms in this financial year, which shall take our total tally to 50."

To keep abreast with the changing industry trends, PCJ said it has constantly been working on innovative designs and has maintained its forte in the diamond segment sustaining margins and growth volumes.

Diamond jewellery constitutes a major part of PCJ sales. It has signed gold lease pack with agencies and banks for uninterrupted supply of the yellow metal for manufacturing of jewellery.