PC Jeweller Ltd's Q3FY18 standalone net profit rises 52.11% yoy to Rs162.71cr

engaged in the manufacture, retail and wholesale of jewellery

Jan 19, 2018 11:01 IST India Infoline Research Team

PC Jeweller Ltd Q3FY18

Standalone Results Q3FY18: (Rs. in crore)

Q3FY18 YoY (%)
Revenue 2,644.89 25.5
EBITDA 268.90 52.2
EBITDA Margin (%) 10.2 178
Net Profit (adjusted) 162.71 52.1
***EBITDA margin change is bps


Reco. Price


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PC Jeweller Ltd reported lower than expected revenue numbers for Q3FY18. Revenue grew by 25.5% yoy to Rs2,645cr, lower than consensus estimate of Rs2,657cr. Domestic revenue grew by 40.1% yoy to Rs1,765cr, while export revenue grew by 3.9% yoy to Rs880cr. EBITDA came in at Rs269cr, up 52.2% yoy against consensus estimate of Rs261cr. EBITDA margin expanded by 178bps yoy to 10.2%. PAT increased by 52.1% yoy to Rs163cr, against consensus estimate of Rs141cr.
• Finance cost grew by 16.6% yoy to Rs81.6cr.
• Depreciation and amortisation expenses reduced by 6.6% yoy to Rs5.3cr.
• Employee benefit expenses grew by 8.4% yoy to Rs22.8cr.
• 9MFY18 revenue grew by 24.2% yoy to Rs7,386cr.
• Export revenue forms ~33.3% of total Q3FY18 revenue. 

Con call highlights

• Company has acquired new manufacturing unit in Jaipur. It is also confident of acquiring an additional manufacturing unit in NCR region in the next few months.
• Both manufacturing facilities combined will require capex of Rs50cr p.a. over next three years.
• Company is planning to open 15 more stores in Q4FY18 (10 franchised stores and 5 owned stores).
• Management is not planning any further capex in its Dubai facility in the near term.
• Company plans to install Augmented Reality enabled screens in all the stores by end of FY18E.

Technical View:

PC Jeweller Ltd is currently trading at Rs. 579.60, down by 1.4 points or 0.24% from its previous closing of Rs. 581 on the BSE.
The scrip opened at Rs. 584 and has touched a high and low of Rs. 588 and Rs. 574.95 respectively. So far 28,19,776(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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