PC Jeweller Wednesday reported a 37.76 per cent drop in standalone net profit at Rs 93.72 crore during the second quarter of 2018-19 due to sluggish sales.
The company had clocked a net profit of Rs 150.59 crore in the same quarter of2017-18.
Net revenue declined to Rs 1,635.08 crore during the July-September this year from Rs 2,622.32 crore in the year-ago quarter, according to a BSE filing by the company.
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, P C Jeweller said, "Q2 FY'19 was a period of consolidation for the company amidst a subdued market environment in the jewellery sector."
"The company proposes to utilise approximately Rs 500 crore of cash and internal accruals for further reduction of bank exposure in second half of the current fiscal."
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