PC Jeweller Eyes Debt-Free Future Amid Strong Sales Surge
PC Jeweller Ltd has significantly reduced its net debt by 19% to Rs 1,445 crore, aiming to become debt-free by the fiscal year's end. The company achieved this through robust sales, internal accruals, and strategic fundraising. Their financial strategy aligns with a growing and organized jewellery market.
- Country:
- India
PC Jeweller Ltd has made substantial strides in decreasing its net debt by 19% over the past four months, bringing it down to Rs 1,445 crore, according to Managing Director Balram Garg. The reduction follows a surge in sales that has helped the company reduce its liabilities.
The Delhi-based jeweller, which operates 52 showrooms nationwide, managed to cut its bank loans by Rs 335 crore between April and July of the current fiscal year. With a concerted effort to further lower its debt, PC Jeweller now eyes a debt-free status by the end of this fiscal year.
In an effort to fortify its financial position, PC Jeweller's board has greenlit plans to raise Rs 500 crore from promoters and Capital Ventures Pvt Ltd. Coupled with Rs 1,300 crore expected from the conversion of warrants to equity shares, the company anticipates clearing all outstanding debt, bolstered by an organized market aided by government hallmarking schemes.
(With inputs from agencies.)
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