India's PC Jeweller posts profit rise as higher gold prices boost sales
The jewellery retailer's consolidated net profit grew 5% to 1.62 billion Indian rupees ($18.58 million) in the quarter ended June 30. Its revenue from operations jumped 81% to 7.25 billion rupees.
Indian jewellery retailers are keeping pace with soaring gold rates by raising their own price tags. Spot gold XAU= climbed 5.5% in the quarter ended June 30, continuing a bullish run fueled by investor flight to safe-haven assets amid U.S. trade jitters and Middle East tensions.
Analysts say the rally has been a golden opportunity for local jewellers, padding their earnings even as buyers shift to lighter, more affordable pieces.
Peer Titan (TITN.NS), opens new tab, too, reported higher domestic sales, benefiting from the rise in gold prices.
PEER COMPARISON
* Mean of analysts' ratings standardised to a scale of strong buy, buy, hold, sell, and strong sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
*** There is no available data for PC Jeweller
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 87.1760 Indian rupees
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