PC Jeweller Ltd

₹ 55.9 -4.93%
27 Jan - close price
About

PC Jeweller is engaged in the business of manufacturing, sale and trading of gold jewellery, diamond-studded jewellery and silver items and operates in different geographical areas. The Company’s export business of gold jewellery is on a B2B basis through its dealers based in the Gulf via Dubai based firms. [1] The company has a team of in-house designers.

Key Points

Brands
PC Jeweller owns jewellery sub-brands: Azva, Swarn Dharohar, LoveGold, Inayat and Mirosa and has launched many new jewellery designs under its sub-brands and Lal Quila collection. During FY20, the Company for the first time in India launched silver and gold medallions to commemorate ICC Cricket World Cup 2019. [1]

  • Market Cap 2,602 Cr.
  • Current Price 55.9
  • High / Low 106 / 18.6
  • Stock P/E
  • Book Value 86.3
  • Dividend Yield 0.00 %
  • ROCE -0.94 %
  • ROE -9.55 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.65 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -28.0% over past five years.
  • Company has a low return on equity of -2.06% over last 3 years.
  • Earnings include an other income of Rs.170 Cr.
  • Company has high debtors of 312 days.
  • Working capital days have increased from 933 days to 1,552 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,125 1,588 877 47 382 1,373 868 246 559 600 169 521 836
999 1,455 850 49 327 1,168 725 221 523 569 365 445 701
Operating Profit 126 133 27 -3 55 205 143 25 36 31 -196 76 135
OPM % 11% 8% 3% -6% 15% 15% 16% 10% 6% 5% -116% 15% 16%
16 33 18 27 -6 5 5 15 3 4 38 69 59
Interest 91 97 93 97 103 99 95 93 108 123 114 122 122
Depreciation 8 10 6 8 9 8 8 7 6 6 6 6 7
Profit before tax 43 60 -54 -81 -62 102 45 -60 -75 -94 -279 18 66
Tax % 8% 47% 23% 4% 22% -8% -72% 2% -1% 19% 36% -241% -11%
Net Profit 40 32 -42 -78 -48 110 77 -59 -76 -76 -179 60 73
EPS in Rs 1.01 0.81 -1.05 -1.98 -1.23 2.79 1.66 -1.26 -1.63 -1.63 -3.85 1.29 1.57
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,976 3,038 3,990 5,325 6,349 7,232 8,099 9,486 8,369 4,939 2,668 1,573 2,126
1,777 2,707 3,507 4,726 5,619 6,473 7,338 8,473 8,085 4,484 2,265 1,672 2,080
Operating Profit 199 331 482 599 730 759 761 1,012 284 455 403 -99 47
OPM % 10% 11% 12% 11% 12% 10% 9% 11% 3% 9% 15% -6% 2%
17 17 20 36 59 51 109 100 85 77 31 60 170
Interest 50 77 127 153 227 251 282 321 349 374 396 442 481
Depreciation 3 7 10 12 23 23 22 20 17 35 33 26 25
Profit before tax 163 265 365 469 539 536 566 770 3 124 4 -508 -290
Tax % 11% 13% 20% 24% 30% 26% 24% 26% 202% 36% -1,280% 23%
Net Profit 145 231 291 356 378 399 431 567 -3 78 61 -390 -122
EPS in Rs 8.63 8.11 9.95 10.56 11.15 12.02 14.39 -0.07 1.99 1.31 -8.37 -2.62
Dividend Payout % 0% 0% 6% 15% 15% 15% 4% 3% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -6%
5 Years: -28%
3 Years: -43%
TTM: -30%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -331%
Stock Price CAGR
10 Years: -3%
5 Years: -37%
3 Years: 35%
1 Year: 118%
Return on Equity
10 Years: 7%
5 Years: 1%
3 Years: -2%
Last Year: -10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
45 134 179 179 179 179 179 408 395 395 465 465 465
Reserves 281 422 1,210 1,503 1,811 2,231 2,596 3,531 3,542 3,607 3,810 3,418 3,551
140 578 233 1,004 682 970 803 1,102 2,121 2,426 2,414 3,391 3,583
614 964 1,813 1,546 2,039 2,356 3,639 3,933 1,607 1,454 1,174 263 241
Total Liabilities 1,079 2,098 3,435 4,233 4,712 5,737 7,217 8,961 7,664 7,882 7,864 7,538 7,841
33 57 63 84 90 90 84 77 59 151 126 107 112
CWIP 0 1 1 1 0 0 0 0 0 1 0 0 0
Investments 0 0 443 185 13 8 143 153 144 144 144 136 136
1,046 2,040 2,928 3,963 4,609 5,639 6,990 8,731 7,461 7,586 7,593 7,294 7,592
Total Assets 1,079 2,098 3,435 4,233 4,712 5,737 7,217 8,961 7,664 7,882 7,864 7,538 7,841

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-29 -337 520 -786 334 70 827 334 -1,837 60 97 -727
-12 -38 -583 246 213 -86 -645 -350 886 41 98 118
19 367 132 571 -566 17 101 23 651 -169 -155 575
Net Cash Flow -22 -8 69 31 -19 1 283 7 -300 -68 40 -34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 78 82 62 43 44 46 57 68 77 132 179 312
Inventory Days 117 170 186 194 219 227 213 231 234 447 989 1,461
Days Payable 125 124 176 105 123 127 145 160 59 92 157 4
Cash Conversion Cycle 70 129 71 132 140 146 125 140 252 487 1,010 1,769
Working Capital Days 72 112 69 137 126 140 114 119 233 423 825 1,552
ROCE % 61% 43% 36% 29% 28% 26% 24% 25% 6% 8% 6% -1%

Shareholding Pattern

Numbers in percentages

1 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
46.45 46.45 46.44 46.44 54.53 54.53 54.53 54.53 54.53 54.53 54.53 54.53
2.24 1.67 1.04 0.66 0.51 0.59 0.79 0.80 1.00 1.12 1.41 2.15
2.08 1.95 1.76 1.76 1.49 1.50 1.49 1.49 1.49 1.50 1.49 1.45
49.24 49.93 50.76 51.14 43.47 43.38 43.19 43.17 42.97 42.85 42.56 41.87

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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