PC Jeweller share price jumped 6% in early trade on Wednesday, 8 July, after the company announced that it had repaid all its outstanding debt under the settlement agreement with two consortium banks, marking the beginning of its journey towards becoming debt-free.
In an exchange filing, the company said it has successfully cleared and repaid all outstanding dues covered under the Settlement Agreement dated 30 September 2024, with respect to two of the 14 consortium banks. The repayment is in line with its objective of achieving debt-free status this quarter.
The company said the development marks a significant milestone in its ongoing turnaround, with further debt repayments expected as part of its broader deleveraging plan.
Q1 Business Update
PC Jeweller Ltd reported a 21% year-on-year growth in consolidated revenue for the first quarter of FY27 and said it expects to become a debt-free company during the July-September quarter.
In a regulatory filing, the jewellery retailer said its consolidated revenue rose around 21% compared with the corresponding quarter last year.
The company also said it has reduced its outstanding bank debt by more than 90% and is on track to achieve a debt-free status in the current quarter.
During the June quarter, PC Jeweller further reduced the outstanding debt payable to banks under the Joint Settlement Agreement by an additional 24%, reflecting continued progress in its deleveraging efforts.
