PC Jeweller Ltd Reports Robust FY25 Turnaround with ₹577.70 Cr Consolidated Profit; ₹265 Cr Provision for Export Receivables
By Ankur Chandra | Updated at: May 31, 2025 10:46 PM IST
New Delhi, May 25, 2025: PC Jeweller Ltd (NSE: PCJEWELLER, BSE: 534809) posted a significant financial turnaround in FY25, reporting a consolidated net profit of ₹577.70 crore compared to a loss of ₹629.36 crore in FY24. The standalone profit stood at ₹575.09 crore, reflecting the company’s improved operational and financial stability post its joint settlement with lenders and fresh capital infusion.
Key Financial Highlights (₹ in Crore)
| Particulars | FY25 (Consolidated) | FY24 (Consolidated) | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,244.60 | 605.40 | ↑ 270.8% |
| Total Income | 2,371.87 | 669.87 | ↑ 254.1% |
| EBITDA (approximate) | 521.80 | -106.83 | – |
| Profit/(Loss) After Tax | 577.70 | (629.36) | – |
| EPS (Basic) (₹) | 1.13 | (1.36) | – |
| Net Worth | 6,192.80 | 2,931.35 | ↑ 111.2% |
| Total Assets | 8,412.31 | 7,269.43 | ↑ 15.7% |
Strategic Developments
Export Receivables & ECL Provision
The company continues to carry ₹1,512.03 crore in long-outstanding export receivables. As a prudent measure, it applied a cumulative Expected Credit Loss (ECL) of ₹265.10 crore. While approvals for ₹330.49 crore in earlier discounts were secured, clearance for ₹183.16 crore remains pending.
Joint Settlement with Lenders
PC Jeweller executed a Joint Settlement Agreement with a consortium of 14 banks in September 2024. This OTS led to the preferential allotment of 51.71 crore equity shares at ₹29.20 each, totalling ₹1,509.97 crore in debt adjustment. Additionally, interest of ₹42.04 crore was recognized in Q4 FY25.
Capital Infusion Through Warrants
The company raised ₹2,702.11 crore via preferential issue of 48.08 crore Fully Convertible Warrants to promoters and public investors. Conversion completed in stages between September and December 2024, leading to a sharp rise in equity base.
Segment and Store Update
- The company discontinued 3 underperforming stores in Durgapur, Siliguri, and Bhubaneswar during Q4.
- PC Jeweller now operates 49 owned and 3 franchisee stores as of March 31, 2025.
Auditor’s Remarks
The statutory auditor issued a qualified opinion citing:
- Delays in export proceeds realization,
- Inaccessibility of inventory under lender custody (verified using NRV),
- Concerns over the adequacy of ECL provisioning.
Nevertheless, they noted significant mitigation of uncertainties, affirming the company’s going concern status.
Management Outlook
The board remains optimistic, citing stabilized operations, strengthened equity, and restructured liabilities as key enablers for long-term growth. With legacy issues progressively addressed and inventory valuations trending positively, PC Jeweller is expected to consolidate its market position in FY26.
Conclusion
PC Jeweller’s FY25 performance marks a decisive step towards financial recovery, underpinned by strong revenue growth, debt restructuring, and capital inflows. Continued resolution of export receivables and adherence to regulatory clearances will be pivotal in sustaining investor confidence and operational momentum.
