PC Jeweller receives loan notices from lenders

PC Jeweller on February 7 said it has received loan recall notices from four lenders - IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank.

The Delhi-based jeweller, in a regulatory filing, noted that its legal proceedings with the State Bank of India (SBI), being held before the Debts Recovery Appellate Tribunal (DRAT), is underway. The next hearing will be held on February 28, it said.

While announcing its second quarter results in September, PC Jeweller had informed the stock exchanges that it had defaulted on Rs 3,466.28-crore loan facilities from banks and financial institutions.

According to the company's last annual report, its lenders included both public and private banks, such as the SBI, Axis Bank, Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Induslnd Bank.

PC Jeweller's net profit during the second quarter stood at Rs 85.92 crore, as against a net loss of Rs 78.89 crore in the year-ago period. The results for the December 2022 quarter are yet to be declared.

The company, while sharing a business update for Q3 FY23 last month, said its domestic business turnover has increased to Rs 829.10 crore from Rs 600.18 crore in the year-ago period.