BENGALURU: India’s PC Jeweller Ltd reported a quarterly profit on Thursday compared to a year-ago loss, as bullion demand surged ahead of key festivals and the wedding season.
Profit stood at 859.2 million rupees ($10.44 million) for the three months ended Sept 30, compared to a loss of 788.9 million rupees a year earlier.
This was the jewellery retailer’s second straight quarterly profit after nine consecutive quarters of losses.
Revenue from operations jumped 60.4% to 8.98 billion rupees.
“Momentum in footfalls and spending experienced in Q2 is expected to continue in Q3 as well,” the New Delhi-based company said, adding that the commencement of marriage season would augur well for sales.
Indians celebrated Dussehra, Diwali and Dhanteras in October, when buying gold is considered auspicious. After these festivals, the wedding season, one of the biggest drivers of gold purchases in India, will start.
Gold prices have declined to around $1,650 per ounce from more than $2,000 in March, boosting demand for gold bars, coins and jewellery in Asia, where buyers typically take advantage of low prices.
The company continues to work on adding additional franchisees and has increased its range, variety and price points of jewellery items, PC Jeweller said.