Jewellery retailer PC Jeweller has reduced its debt by 10% during the first quarter of current financial year. The company’s net debt has declined to Rs 4,064 cr which should be further reduced to Rs 3,000 crore by September this year as company informed during an analyst presentation also published in the leading media resources. The net debt declined due to voluntarily repaid to bank Rs 426 crores in Q1 FY19. The company also informed that it has reduced bank liabilities from internal accruals and better realisations from inventory.
As per the media resources, the company has informed that it has Rs 1,162 crore as cash balance in books of accounts and company plans to utilize this funds to further reduce the bank liabilities. As per Q1 FY19, the company has posted 4.5% growth with net profit of Rs 142 cr.
Established in 2005, PC Jeweller is engaged in the business of manufacturing, sale and trading of gold jewellery, diamond studded jewellery and silver items. The company operates nearly 100 stores spread across in 75 cities.