Kalyan Jewellers India Limited recorded PAT of Rs 148 crores in Q3FY23

THRISSUR: The Company recorded consolidated revenue of Rs 3,884 crores for Q3FY23 as against Rs 3,435 crores in the corresponding quarter of the previous year, a growth of 13%. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was recorded at Rs 327 crores compared to Rs 299 crores in the same quarter of the previous year. Consolidated PAT for the quarter was at Rs 148 crores as against a PAT of Rs 135 crores for the same period of the previous year. Over the past 4 quarters, the Company has achieved revenue in excess of Rs 13,500 crores and a PAT of 434 crores.

The standalone revenue of the Company (India) for Q3FY23 was at Rs 3,219 crores, as against Rs 2,880 crores in Q3 of the previous year, a growth of 12%.

The India operations recorded EBITDA of Rs 276 crores for the quarter, compared to Rs 253 crores in the same quarter of the previous year. The standalone PAT (India) for the quarter was Rs 133 crores compared to a PAT of Rs 118 crores in the corresponding quarter of the previous financial year.

The e-commerce division, Candere, recorded a revenue of Rs 44 crores for the quarter versus Rs 47 crores in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.7 crores as against a profit of Rs 26 lakhs for the corresponding quarter of the previous year.

In the Middle East, total revenue from operations during Q3FY23 was at Rs 641 crores as against Rs 515 crores in Q3 of the previous year, a growth of 24%. The Middle East region contributed approximately 16.5% to the overall consolidated revenue of the Company.

The Middle East operations recorded EBITDA of Rs 52 crores for the quarter compared to Rs 46 crores in the same quarter of the previous year. PAT for the quarter was at Rs 17 crores compared to a PAT of Rs 16 crores in the corresponding quarter of the previous year.

Retail expansion of the brand continued in the recently concluded quarter, with the launch of 6 new showrooms – all in the non-South markets in India. This includes the launch of the second physical store of its e-commerce platform – Candere. As of December 31, 2022, Kalyan Jewellers’ store network across India and the Middle East stood at 169.

Mr. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are pleased with the performance during the recently concluded quarter and are excited with the way the current quarter has started. We are seeing robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite continued spike in gold price. During the recently concluded quarter we announced our plans to open 52 showrooms during the calendar year 2023. As part of this strategy, we have invested significant amount of time and effort over the last 3-4 months in building our internal resources. We have hired approximately 900 personnel largely for the [20+] showrooms we plan to launch before Akshaya Tritiya – highest employee addition in a quarter in the history of the company so far.”

Courtesy: Retail Jeweller India News