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.
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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