PC Jeweller Cuts 56% Debt In FY25 to Rs 1,800 cr

New Delhi: PC Jeweller Ltd has reduced bank loans by more than half to about Rs1,800 crore this fiscal year and aims to become debt-free by March next year on better sales and fundraise, its MD Balram Garg said.

PC Jeweller, which sells gold and silver jewellery, has 55 showrooms across 15 states. In September, Delhi-based PC Jeweller executed a settlement agreement with a consortium of 14 banks led by SBI to clear its outstanding loan, which stood at nearly Rs4,100 crore as on March 31, 3024. "Our bank loans is expected to come down to Rs1,775 crore at the end of the current fiscal.

We are targeting to further reduce our bank loans and become debt free by March 2026," Garg told media in an interview. He said the company will get more than Rs1,500 crore in the next fiscal from investors as proceeds against preferential issue of warrants and the same will be utilised to clear bank loans. In October last year, the preferential issue of fully convertible warrants amounting to Rs2,702.11 crores was completed successfully.