PC Jeweller clocks Q1 net loss at Rs 78 cr
Sep 14, 2020
New Delhi [India], September 14 : Publicly-listed PC Jeweller said on Monday it suffered a net loss of Rs 78 crore during the first quarter of the current financial year as sales dipped to the COVID-19 lockdown.
It had earned a net profit of Rs 48 crore in Q1 FY20. But in Q1 FY21, revenue from operations crashed to Rs 47 crore from Rs 1,349 crore in the same period.
The impact was more pronounced in domestic markets.
The period of Q1 was marked by a complete shutdown of operations during April, said the company. Though operations re-started with the gradual lifting of lockdown from the second week of May, they were on a very limited and restricted level only for the entire quarter.
The company cut down on all its expenditure and negotiated with all its landlords for waiver or reduction of rentals. It has, however, paid its creditors as well as staff expenses even during this pandemic quarter.
