"Our immediate plan is to get connected with the younger customers," Sanjeev Bhatia, CFO, PC Jeweller said.
Younger customers are prefering purchasing jewellery online
Sanjeev Bhatia
President-finance
PC Jeweller
In an interview to CNBC-TV18 Sanjeev Bhatia, CFO, PC Jeweller spoke about the latest happenings in the company and the way ahead.
Below is the verbatim transcript of Sanjeev Bhatia's interview with CNBC-TV18's Ekta Batra & Anuj Singhal.
Ekta: One of the things that I wanted to start by asking you was that we are going into a festive season with the upcoming Diwali season. Can you just tell us in terms of the volumes and sales that you are seeing for the company how is it doing as compared to the same time last year?
A: The last quarter if you talk of 2013-2014 was very bad because that came immediately after that huge Q1. So, the Q2 of previous year was comparatively totally dull. However, now what we are seeing, the things are returning back to normal, people are coming back and the gold prices are stable. What we are witnessing is a back in the consumer footfalls as well as up going sales and more conversion of footfalls into sales as well. If the same trend continues then the upcoming festive season can be expected to be a bumper one.
Anuj: I am reading a brokerage report which says that you are exploring online sales. If you could tell us what is your target in terms of the kind of contribution that can come from online sales over the next 3-4 years because we have seen quite a bit of jump in e-commerce over the last 2-3 years?
A: That was our idea also. It is very necessary to be in sync with the changing consumer buying patterns and behaviours. Though as on date the wedding jewellery is not really being sold online but we are noticing that the younger customers are much more comfortable online rather than offline. So, even though you may not purchase wedding jewellery today on internet but we don't know what would happen four years hence.
Our immediate plan is to get connected with the younger customer, a boy or girl who is today 19 or 20 years old is your wedding jewellery customer when he or she would be 24 or 25 years. So if we start connecting to this set of customers now then we can always convert them to wedding jewellery customers 4-5 years hence.
So immediate our target is not sales or margins you are going to make from online. The immediate rationale for this is that this is where the future is going to lie and you cannot ignore or neglect this changing trend now.
Anuj: Your Q1 numbers were down quite a bit. Net profit was down 23 percent, even the income was down. What has been the trend in Q2 so far and overall do you think for the full year you will be able to report growth or would you report de-growth?
A: There is no option of reporting de-growth. We would be reporting good growth figures though at this stage I cannot specify any topline numbers or bottomline numbers. However, I can only commit confidently, this year is going to be a game changer for us.
PC Jeweller stock price
On September 19, 2014, at 14:12 hrs PC Jeweller was quoting at Rs 213.25, up Rs 8.55, or 4.18 percent. The 52-week high of the share was Rs 217.20 and the 52-week low was Rs 71.50.
The company's trailing 12-month (TTM) EPS was at Rs 18.76 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.37. The latest book value of the company is Rs 93.93 per share. At current value, the price-to-book value of the company is 2.27.
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