PC Jeweller on Thursday said it has defaulted on Rs 3,466.28-crore loan facilities from banks and financial institutions for the second quarter. In a stock exchange filing, the Delhi-based company said the total loan amount outstanding as on date was Rs 3,466.28 crore and that was the amount of default for Q2.
The company announced its second quarter results on Thursday. It informed the stock exchanges that the status of the holding company’s borrowing accounts is non-performing with all banks. Total exposure outstanding as on September 30, 2022 amounting to Rs 3,466.28 crore included provision for interest up to September, calculated based on management’s estimates which stood accrued but not applied by banks after NPA downgrade.
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“Some of the banks have provided outstanding amount including unapplied interest up to September 30, 2022, whereas some of the banks have provided figures without unapplied interest. Therefore, provision for unapplied interest for Rs 295.31 crore as on September 30, 2022 has been made as per best estimate of the management,” it said. The holding company has applied for resolution of its debt and the proposal is under consideration.
The company reported a net profit of Rs 85.92 crore on a consolidated basis for Q2, against a net loss of Rs 78.89 crore in the year-ago period. Its revenue from operations during the September quarter grew over 60% to Rs 897.58 crore.
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According to the company’s latest annual report, lenders are State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, Kotak Mahindra Bank and Induslnd Bank.