India’s PC Jeweler posts quarterly profit on festive gold demand | Biden News

BENGALURU, Oct 27 (Reuters) – India’s PC Jeweler Ltd ( PCJE.NS ) reported a quarterly profit on Thursday compared with a year-ago loss, as demand for bullion sprinkles increased ahead of key festivals and the wedding season.

Profit was 859.2 million rupees ($10.44 million) for the three months ended September 30, compared with a loss of 788.9 million rupees a year earlier.

This was the jeweler’s second straight quarterly profit after nine consecutive quarters of losses.

Income from operations jumped 60.4% to 8.98 billion rupees.

“Momentum in footfalls and spending experienced in Q2 is expected to continue in Q3 as well,” the New Delhi-based company said, adding that the start of wedding season boded well for sales.

Indians celebrated Dussehra, Diwali and Dhanteras in October, when buying gold is considered auspicious. After these festivals, the wedding season will begin, one of the biggest drivers of gold purchases in India.

Gold prices fell to about $1,650 an ounce from more than $2,000 in March, boosting demand for gold bars, coins and jewelry in Asia, where buyers typically take advantage of low prices.

PC Jeweler said the company continues to work to add more franchisees and has increased its range, variety and prices of jewellery.

($1 = 82.3200 Indian Rupees)

Reporting from Nandan Mandayam in Bengaluru; Editing by Subhranshu Sahu

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