PC Jeweller share price up 500% in 5 years; after recent fall, see what MD Balram Garg says
PC Jeweller share price ended at Rs 294, down 4 per cent on Tuesday as investors booked profits in jewellery companies after a rally in the previous session.
PC Jeweller share price may have shed over 35 per cent year-to-date, but it is still a multibagger, rallying 500 per cent over last five years. That said, had you invested Rs 1 lakh in PC Jeweller, you would have earned Rs 6 lakh by now. The company has been a strong jewellery player whose income grew 26 per cent to Rs 2,645 crore in December quarter of financial year 2018. Profit rose 52.1 per cent to Rs 163 crore during the said quarter - the company is yet to declare its March quarter numbers.
On Tuesday, PC Jeweller share price ended at Rs 294, down 4 per cent as investors booked profits in jewellery companies after a rally in the previous session.
On the auspicious day of Akshay Tritiya, Zee Business approached Balram Garg, MD & CEO, PC Jeweller to discuss the future prospects of the jewellery firm.
On asking how the demand has been on Akshaya Tritiya, Garg said going by the last 15 days, the company is expected to record 15 per cent growth in volumes as footfalls have been robust despite gold prices having gone up 5 per cent to 6 per cent as compared to last year.
PC Jeweller has offered attractive discounts to customers on diamond and gold jewellery and launched new collections to cater to demand from all the segments. "We are offering better designs at reasonable prices so that jewellery could be affordable to all," he told Zee Business.
Garg is optimistic about the overall growth in the jewellery industry as fundamentals are strong and there is no shortage of demand. The company opened 18 new stores in January, 7 in March and has already inaugurated two stores so far in April.
He also added, "We are confident of maintaining growth momentum going forward and will share the exact outlook with the public at the time of announcing March quarter results."
Notably, PC Jeweller share price had cracked sharply on January 2 following rumours that Vakrangee had bought a large stake in the company. The stock tanked 60 per cent intraday to settle 24 per cent lower that day. Management clarified later on that it has not entered into any agreement with Vakrangee and no promoters have pledged their shares with the company.