PC JEWELLER BECOMES DEBT-FREE AFTER CLEARING ALL ITS DUES

has become debt-free after having cleared dues of all 14 consortium banks amounting to Rs 3,000 crore. Two years ago the company had opted for OTS (one-time settlement) for its outstanding dues with a consortium of banks. The terms and conditions of approved OTS included cash and equity components payable under the settlement, release of securities and mortgaged properties etc. last month the company had reported a 37 percent increase in its consolidated net profit to Rs 221.88 crore for the quarter ended June on better revenue. Its net profit was at Rs 161.93 crore in the year-ago period. Total income rose to Rs 879.27 crore in the first quarter of this fiscal from Rs 807.88 crore in the corresponding period of the preceding year. After becoming debt-free, the company's profit margins will increase as it will save on interest costs.