PC Jeweller Limited is confident of improvement in business going forward, said Sanjeev Bhatia, chief financial officer of the company, adding that the third quarter had already started on a positive note.

“Q3 has started on a positive note and we are very confident going forward,” said Bhatia.

The company reported weak earnings with a 38 percent fall in the revenue. EBITDA is down over 25 percent and the bottomline has fallen nearly 40 percent. The stock has fallen almost 80 percent in 2018.

“Overall sentiment in Q2 was quite weak. In the domestic vertical of the company, the sentiments were weak and also last quarter was goods and services tax (GST) quarter in which we had grown by nearly 30 percent so the base was also quite high. So these two factors contributed to quarter-to-quarter (Q-o-Q) decline,” he said.

Talking about exports, Bhatia added, “Exports is a different thing altogether. In exports, as we have been saying for long that the company always had almost 30 percent of exports business but now want to degrow its export business. This is a deliberate strategy and we have also given this in writing that in FY19 export growth would be lower or the turnover would be lower than the previous year because of changing circumstances."