PC Jeweller Ltd on Monday posted a consolidated net loss of Rs 73.55 crore for the first quarter of 2020-21 fiscal on sharp fall in sales. The company had clocked a net profit of Rs 39.21 crore in the April-June quarter in the previous fiscal, according to a regulatory filing.
Net income declined sharply to Rs 87.02 crore in the first quarter of 2020-21 fiscal from Rs 1,417.14 crore in the year-ago period.
PC Jeweller said the retail industry as a whole has been adversely impacted due to COVID-19 and consequent lockdown resulting from it.
The Group has faced significant headwinds due to COV1D-19 impacting the operations of the group owing to store closures and the complete lockdown, it said.
"The Group's performance for the current quarter has negatively been impacted due to this unprecedented disruption. We expect, for the near term, the impact may continue to be negative and largely depends on factors such as overall improvement on COVID situation, customer confidence, etc," the company said.
The company began the restoration of store operations from the first week of May and has been opening the stores with controlled movement, maintaining social distancing, taking appropriate hygiene measures and following the directions of regulatory authorities, it added.
