PC Jeweller reports Q2 net loss of Rs 53.68 cr

By: |
November 9, 2020 12:53 PM

The firm began the restoration of store operations from the first week of May and has been opening the stores with controlled movement, maintaining social distancing, taking appropriate hygiene measures and following the directions of regulatory authorities, it added.

Net income declined to Rs 421.79 crore in the quarter under review from Rs 1,227.47 crore in the year-ago period.

PC Jeweller on Monday posted a consolidated net loss of Rs 53.68 crore for the second quarter of 2020-21 fiscal on sharp fall in sales.

The company had clocked a net profit of Rs 46.38 crore in the corresponding quarter in the previous fiscal, according to a regulatory filing.

Net income declined to Rs 421.79 crore in the quarter under review from Rs 1,227.47 crore in the year-ago period.

The company said the retail industry as a whole has been adversely impacted due to COVID-19 and consequent lockdown resulting from it.

The group has faced significant headwinds due to COV1D-19 impacting the operations of the group owing to store closures and the complete lockdown, it said.

“The group’s performance for the quarter and six months ended 30 September, 2020, has negatively been impacted due to this unprecedented disruption. We expect, for the near term, the impact may continue to be negative and largely depends on factors such as overall improvement in COVID-19 situation, customer confidence,” the company said.

The firm began the restoration of store operations from the first week of May and has been opening the stores with controlled movement, maintaining social distancing, taking appropriate hygiene measures and following the directions of regulatory authorities, it added.

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