Getty ImagesShares of PC Jeweller cracked as much as 18 per cent in Thursday’s trade after the company on Wednesday reported a 37.76 per cent fall in standalone net profit at Rs 93.72 crore for the quarter ended September 2018.
It had posted a net profit of Rs 150.59 crore in the same quarter last year.
Net revenue slipped to Rs 1,635.08 crore during the July-September this year from Rs 2,622.32 crore in the year-ago quarter.
After falling over 18 per cent, the scrip pared some losses and was trading 8.32 per cent down at Rs 79.40 at around 12.30 pm (IST).
The revenue from domestic sales dropped to Rs 1,550.36 crore during the quarter under review from Rs 1,850.96 crore in the year-ago period.
Similarly, revenue from exports declined to Rs 84.72 crore in the period from Rs 771.36 crore last year.
On the performance, PC Jeweller said, “Q2 FY'19 was a period of consolidation for the company amidst a subdued market environment in the jewellery sector."
The company utilised the second quarter to rationalise inventory, exports business and consequently reduce overall bank exposure on the balance sheet, it said.
It had posted a net profit of Rs 150.59 crore in the same quarter last year.
Net revenue slipped to Rs 1,635.08 crore during the July-September this year from Rs 2,622.32 crore in the year-ago quarter.
After falling over 18 per cent, the scrip pared some losses and was trading 8.32 per cent down at Rs 79.40 at around 12.30 pm (IST).
The revenue from domestic sales dropped to Rs 1,550.36 crore during the quarter under review from Rs 1,850.96 crore in the year-ago period.
Similarly, revenue from exports declined to Rs 84.72 crore in the period from Rs 771.36 crore last year.
On the performance, PC Jeweller said, “Q2 FY'19 was a period of consolidation for the company amidst a subdued market environment in the jewellery sector."
The company utilised the second quarter to rationalise inventory, exports business and consequently reduce overall bank exposure on the balance sheet, it said.
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...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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