Business
India's PC Jeweller posts quarterly profit jump on festive, wedding demand
India's PC Jeweller posts quarterly profit jump on festive, wedding demand
About this update from Pc Jeweller Ltd.
India's PC Jeweller NSE:PCJEWELLER posted a 28% rise in quarterly profit on Tuesday, helped by strong festive and wedding season demand.KEY CONTEXTDemand for gold jewellery was strong despite high prices, as it overlapped with a significant portion of the country's wedding and festival seasons. The latter is considered an auspicious time for large-ticket purchases, including jewellery.Spot gold TVC:GOLD climbed about 12% in the December quarter, driven by geopolitical tensions, rate cuts and robust central bank buying.The sector has also been supported by rising disposable incomes, helped by fiscal measures such as goods and services tax cuts and income tax relief, which have boosted consumers' spending power for discretionary purchases like gold.Earlier this month, peers such as Tribhovandas Bhimji Zaveri NSE:TBZ reported sharp surges in quarterly profits.WHY IT'S IMPORTANTThe world's most populous country is seeing a split in consumer spending, with wealthier buyers holding up demand despite broader pressure, supporting sales at premium-focused companies such as liquor makers and jewellers.BY THE NUMBERSPC Jeweller's consolidated net profit rose to 1.9 billion rupees ($20.73 million) in the third quarter ended December 31, from 1.48 billion rupees a year ago. Revenue from operations jumped 37% to 8.75 billion rupees, which the jewellery retailer said was "driven by continued consumer demand during the festive and wedding season."STOCK COMPARISON($1 = 91.6330 Indian rupees)