PC Jeweller Ltd

PC Jeweller Ltd

₹ 50.3 -5.00%
26 Apr - 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 2,341 Cr.
  • Current Price 50.3
  • High / Low 66.6 / 23.3
  • Stock P/E
  • Book Value 69.2
  • Dividend Yield 0.00 %
  • ROCE 3.49 %
  • ROE -9.13 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.73 times its book value
  • Debtor days have improved from 100 to 50.1 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -24.3% over past five years.
  • Company has a low return on equity of -5.60% over last 3 years.

* 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,373 868 246 559 600 169 521 836 829 173 67 33 40
1,168 725 221 523 569 365 445 701 796 305 116 76 113
Operating Profit 205 143 25 36 31 -196 76 135 33 -131 -48 -43 -73
OPM % 15% 16% 10% 6% 5% -116% 15% 16% 4% -76% -72% -128% -182%
5 5 15 3 4 38 69 59 28 3 6 20 4
Interest 99 95 93 108 123 114 122 122 125 123 125 124 126
Depreciation 8 8 7 6 6 6 6 7 7 6 6 5 5
Profit before tax 102 45 -60 -75 -94 -279 18 66 -70 -258 -173 -152 -200
Tax % -8% -72% 2% -1% 19% 36% -241% -11% 9% -58% 0% 0% 0%
110 77 -59 -76 -76 -179 60 73 -64 -408 -173 -152 -200
EPS in Rs 2.79 1.66 -1.26 -1.63 -1.63 -3.85 1.29 1.57 -1.38 -8.77 -3.72 -3.26 -4.30
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,038 3,990 5,325 6,349 7,232 8,099 9,486 8,369 4,939 2,668 1,573 2,358 314
2,707 3,507 4,726 5,619 6,473 7,338 8,473 8,085 4,484 2,265 1,672 2,226 610
Operating Profit 331 482 599 730 759 761 1,012 284 455 403 -99 132 -296
OPM % 11% 12% 11% 12% 10% 9% 11% 3% 9% 15% -6% 6% -94%
17 20 36 59 51 109 100 85 77 31 60 148 33
Interest 77 127 153 227 251 282 321 349 374 396 442 499 498
Depreciation 7 10 12 23 23 22 20 17 35 33 26 26 22
Profit before tax 265 365 469 539 536 566 770 3 124 4 -508 -245 -783
Tax % 13% 20% 24% 30% 26% 24% 26% 202% 36% -1,280% 23% -38%
231 291 356 378 399 431 567 -3 78 61 -390 -339 -933
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 -7.29 -20.05
Dividend Payout % 0% 6% 15% 15% 15% 4% 3% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -5%
5 Years: -24%
3 Years: -22%
TTM: -87%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -747%
Stock Price CAGR
10 Years: 1%
5 Years: -17%
3 Years: 28%
1 Year: 99%
Return on Equity
10 Years: 5%
5 Years: -3%
3 Years: -6%
Last Year: -9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 134 179 179 179 179 179 394 395 395 465 465 465 465
Reserves 422 1,210 1,503 1,811 2,231 3,188 3,531 3,542 3,607 3,810 3,418 3,080 2,755
Preference Capital 0 0 0 0 0 0 13 0 0 0 0 0
578 233 1,004 682 970 803 1,102 2,121 2,426 2,414 3,391 3,736 3,910
964 1,813 1,546 2,039 2,356 3,048 3,933 1,607 1,454 1,174 263 209 192
Total Liabilities 2,098 3,435 4,233 4,712 5,737 7,217 8,961 7,664 7,882 7,864 7,538 7,490 7,323
57 63 84 90 90 84 77 59 151 126 107 104 69
CWIP 1 1 1 0 0 0 0 0 1 0 0 1 1
Investments 0 443 185 13 8 143 153 144 144 144 136 136 136
2,040 2,928 3,963 4,609 5,639 6,990 8,731 7,461 7,586 7,593 7,294 7,250 7,117
Total Assets 2,098 3,435 4,233 4,712 5,737 7,217 8,961 7,664 7,882 7,864 7,538 7,490 7,323

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-337 520 -786 334 70 827 334 -1,837 60 97 -727 96
-38 -583 246 213 -86 -645 -350 886 41 98 118 38
367 132 571 -566 17 101 23 651 -169 -155 575 -115
Net Cash Flow -8 69 31 -19 1 283 7 -300 -68 40 -34 19

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 82 62 43 44 46 57 68 77 132 179 72 50
Inventory Days 170 186 194 219 227 213 231 234 447 989 1,461 1,031
Days Payable 124 176 105 123 127 145 160 59 92 157 4 3
Cash Conversion Cycle 129 71 132 140 146 125 140 252 487 1,010 1,528 1,077
Working Capital Days 112 69 137 126 140 114 119 233 423 825 1,311 898
ROCE % 43% 36% 29% 28% 26% 22% 24% 6% 8% 6% -1% 3%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53% 54.53%
0.59% 0.79% 0.80% 0.99% 1.12% 1.41% 2.15% 1.65% 1.04% 0.84% 0.78% 0.93%
1.50% 1.49% 1.49% 1.49% 1.49% 1.49% 1.45% 1.45% 1.45% 1.49% 1.45% 1.45%
43.38% 43.19% 43.17% 42.97% 42.85% 42.56% 41.87% 42.36% 42.98% 43.15% 43.24% 43.08%
No. of Shareholders 2,23,7762,18,7692,19,3322,16,6192,06,8111,87,3831,72,8811,93,1852,01,2462,25,9162,30,3522,10,400

* 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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