PC jeweler
Jewelry seller PC Jeweler Limited has reduced its bank debt from half to about Rs 1,800 crore in this financial year. The company has targeted to be debt free by March next year by raising better sales and funds. Balaram Garg, managing director of the company, gave this information. He said that by the end of the current financial year, our bank loan is expected to be reduced to Rs 1,775 crore. We are aiming to further reduce our bank debt and be loan free by March 2026.
55 showrooms in 15 states
The PC jeweler selling gold and silver jewelery has 55 showrooms in 15 states. In September 2024, the PC Jeweler signed an agreement with a group of 14 banks led by State Bank of India (SBI) to repay its outstanding debt. The company had a bank loan of about Rs 4,100 crore till 31 March, 2024. Garg said that the company would get more than Rs 1,500 crore from investors in exchange for the preferential issue of warrant in FY 2025-26 and will be used to repay bank loans. In October last year, a preferential issue of a full convertible warrant of Rs 2,702.11 crore was successfully completed.
Banks are being paid on time
Garg said that the company has paid some part of the cash returns to be paid to the bankers as per the relevant deadline till date. Apart from this, the company has also issued equity shares to banks. Cash payments and the issue of equity shares have helped the company to reduce bank debt more than 55 percent in this financial year. On the company’s overall business, Garg said that the PC jeweler has gained a significant increase in sales in the first nine months of FY 2024-25, which has helped him to make profit.
There was a strong bounce in the revenue
Garg said that the company’s sales were greatly affected during the Kovid epidemic, but now it has come back on track, while interest costs have come down significantly. In the April-December period of the current financial year, PC jeweler’s revenue increased from Rs 556.91 crore to Rs 1,545.58 crore in the same period of a year ago. The company’s operational revenue was Rs 605.40 crore in the last financial year. The net profit of the company during the April-December period was Rs 482.92 crore. Due to this, the company had a net loss of Rs 507.72 crore in the same period of the previous financial year.
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