India's PC Jeweller posts quarterly profit on festive gold demand

PC Jeweller

27/10/2022 08:56

BENGALURU, Oct 27 (Reuters) - India's PC Jeweller Ltd
 PCJE.NS  reported a quarterly profit on Thursday compared to a
year-ago loss, as bullion demand surged ahead of key festivals
and the wedding season.
    Profit stood at 859.2 million rupees ($10.44 million) for
the three months ended Sept. 30, compared to a loss of 788.9
million rupees a year earlier. 
    This was the jewellery retailer's second straight quarterly
profit after nine consecutive quarters of losses.
   Revenue from operations jumped 60.4% to 8.98 billion rupees.
    "Momentum in footfalls and spending experienced in Q2 is
expected to continue in Q3 as well," the New Delhi-based company
said, adding that the commencement of marriage season would
augur well for sales.
    Indians celebrated Dussehra, Diwali and Dhanteras in
October, when buying gold is considered auspicious. After these
festivals, the wedding season, one of the biggest drivers of
gold purchases in India, will start.
    Gold prices  XAU=  have declined to around $1,650 per ounce
from more than $2,000 in March, boosting demand for gold bars,
coins and jewellery in Asia, where buyers typically take
advantage of low prices.
    The company continues to work on adding additional
franchisees and has increased its range, variety and price
points of jewellery items, PC Jeweller said.
($1 = 82.3200 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru; Editing by
Subhranshu Sahu)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))