Prominent Indian jewellery manufacturer PC Jeweller Limited has announced a major financial milestone by completely clearing its massive debt burden. The company officially informed stock exchanges that it has paid off its entire outstanding liabilities owed to a consortium of 14 banks, effectively making the enterprise completely debt-free. The total liabilities stood at approximately 3,000 crore rupees.
Early settlement under finalized agreement terms
According to the regulatory filing, the final payment made on Friday fulfilled all conditions outlined in the settlement agreement dated September 30, 2024. Notably, these financial obligations were settled well ahead of the originally stipulated deadlines. The management noted that achieving a debt-free status will substantially strengthen the company balance sheet and overall financial position moving forward.
Strong surge in quarterly profits and revenues
This major debt clearance follows a robust financial performance during the April-June quarter, where the company consolidated net profit witnessed an impressive 37 percent surge, reaching 221.88 crore rupees compared to 161.93 crore rupees during the corresponding period of the previous fiscal year.
Retail footprint and stock market movement
During the first quarter of the current financial year, the jewellery maker generated a total revenue of 879.27 crore rupees, up from 807.88 crore rupees in the same quarter last year. PC Jeweller remains one of the country leading ornament brands with a retail footprint comprising nearly 50 stores spread across 12 states. Despite the major debt-free announcement, the company shares experienced a minor dip of 0.57 percent on Friday, settling at a price of 14.17 rupees, while the market capitalization of the firm stands at roughly 14,000 crore rupees.
