New Delhi: PC Jeweller Ltd on Friday said it has become debt free having cleared dues of all 14 consortium banks.
The company had a total debt of around Rs 3,000 crore.
Also Read: PC Jeweller clears debt to ninth consortium bank, eyes debt-free status this month
In September 2024, PC Jeweller had opted for OTS (one-time settlement) for its outstanding dues with a consortium of banks.
The terms and conditions of approved OTS included cash and equity components payable under the settlement, release of securities and mortgaged properties etc.
In a regulatory filing, PC Jeweller informed that the company has "successfully discharged the remaining outstanding debt of the banks and has achieved its financial objective of a debt-free status".
With the latest repayment on Friday, the company said it has discharged the outstanding debt of all the 14 consortium banks under the terms of Settlement Agreement dated September 30, 2024. It has made repayments ahead of scheduled due dates.
"The accomplishment of a debt-free status will materially strengthen the company's balance sheet and financial position," PC Jeweller said.
In August, the company reported a 37 per cent increase in its consolidated net profit to Rs 221.88 crore for the quarter ended June on better revenue.
Its net profit was at Rs 161.93 crore in the year-ago period.
Total income rose to Rs 879.27 crore in the first quarter of this fiscal from Rs 807.88 crore in the corresponding period of the preceding year.
PC Jeweller is one of the leading jewellery firms in the country. It has around 50 physical stores across 12 states.
