PC Jeweller Ltd

₹ 79.3 -2.52%
25 Nov - 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 3,691 Cr.
  • Current Price 79.3
  • High / Low 106 / 18.6
  • Stock P/E
  • Book Value 87.1
  • Dividend Yield 0.00 %
  • ROCE -0.94 %
  • ROE -9.59 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.91 times its book value
  • Company is expected to give good quarter

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -28.3% over past five years.
  • Company has a low return on equity of -2.02% over last 3 years.
  • Earnings include an other income of Rs.178 Cr.
  • Company has high debtors of 326 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,212 1,668 915 61 430 1,467 868 247 560 611 189 547 898
1,080 1,534 888 57 376 1,240 740 228 520 575 379 463 750
Operating Profit 132 135 26 4 54 227 128 18 40 36 -190 85 147
OPM % 11% 8% 3% 6% 13% 15% 15% 7% 7% 6% -101% 15% 16%
15 35 24 26 -8 3 3 15 -3 2 39 76 61
Interest 91 97 93 97 103 99 95 93 108 123 114 122 122
Depreciation 9 10 7 9 9 9 8 7 7 7 7 7 7
Profit before tax 48 63 -50 -76 -66 122 28 -67 -78 -91 -273 33 79
Tax % 3% 43% 24% 4% 18% -6% -115% 2% -1% 19% 37% -129% -9%
Net Profit 46 36 -38 -74 -54 130 60 -66 -79 -74 -173 74 86
EPS in Rs 1.17 0.90 -0.97 -1.86 -1.36 3.28 1.28 -1.41 -1.70 -1.58 -3.72 1.60 1.85
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
3,038 3,990 5,325 6,361 7,301 8,464 9,610 8,672 5,206 2,825 1,605 2,245
2,707 3,507 4,726 5,631 6,543 7,699 8,620 8,374 4,749 2,410 1,696 2,167
Operating Profit 332 482 599 730 758 765 990 298 457 415 -91 78
OPM % 11% 12% 11% 11% 10% 9% 10% 3% 9% 15% -6% 3%
17 20 36 59 50 97 92 77 80 24 53 178
Interest 77 127 153 227 251 286 324 354 374 396 442 481
Depreciation 7 10 12 23 23 22 21 19 37 35 28 27
Profit before tax 265 365 469 540 534 554 737 2 125 8 -508 -252
Tax % 13% 20% 24% 30% 25% 24% 27% 70% 34% -694% 23%
Net Profit 231 291 356 378 398 421 536 1 83 62 -391 -86
EPS in Rs 8.62 8.12 9.95 10.56 11.12 11.75 13.58 0.02 2.10 1.33 -8.40 -1.85
Dividend Payout % 0% 6% 15% 15% 15% 4% 4% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -6%
5 Years: -28%
3 Years: -43%
TTM: -29%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -293%
Stock Price CAGR
10 Years: %
5 Years: -28%
3 Years: 38%
1 Year: 246%
Return on Equity
10 Years: 7%
5 Years: 1%
3 Years: -2%
Last Year: -10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
134 179 179 179 179 179 408 395 395 465 465 465
Reserves 421 1,210 1,503 1,811 2,230 2,581 3,487 3,526 3,608 3,804 3,423 3,588
578 233 1,004 682 970 803 1,102 2,121 2,429 2,414 3,391 3,583
964 1,813 1,546 2,052 2,371 3,833 4,001 1,608 1,465 1,214 266 245
Total Liabilities 2,097 3,435 4,233 4,724 5,751 7,397 8,984 7,649 7,897 7,898 7,545 7,882
66 63 84 90 91 88 93 74 169 139 121 126
CWIP 1 1 1 0 0 0 1 1 1 0 0 0
Investments 0 443 185 13 8 9 19 8 8 15 3 2
2,031 2,929 3,963 4,621 5,652 7,299 8,872 7,566 7,720 7,744 7,421 7,754
Total Assets 2,097 3,435 4,233 4,724 5,751 7,397 8,984 7,649 7,897 7,898 7,545 7,882

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-337 520 -786 333 16 794 358 -1,931 76 91 -719
-30 -592 246 213 -25 -530 -378 978 38 94 115
359 141 571 -565 16 47 -4 652 -170 -156 570
Net Cash Flow -8 68 31 -19 7 312 -24 -302 -57 30 -34

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 82 62 43 45 49 66 70 84 132 185 326
Inventory Days 170 186 194 219 225 206 232 227 434 954 1,465
Days Payable 124 176 105 123 126 147 160 57 87 150 4
Cash Conversion Cycle 129 71 132 140 147 125 142 253 479 988 1,787
Working Capital Days 111 69 136 126 142 114 121 234 417 808 1,568
ROCE % 36% 29% 28% 26% 24% 25% 7% 8% 6% -1%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
46.45 46.45 46.45 46.44 46.44 54.53 54.53 54.53 54.53 54.53 54.53 54.53
5.60 2.24 1.67 1.04 0.66 0.51 0.59 0.79 0.80 1.00 1.12 1.41
2.06 2.08 1.95 1.76 1.76 1.49 1.50 1.49 1.49 1.49 1.50 1.49
45.89 49.24 49.93 50.76 51.14 43.47 43.38 43.19 43.17 42.97 42.85 42.56

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