Kalyan Jewellers India Limited recorded PAT of Rs. 135 Crores with a revenue growth of 17% in Q3FY22

Thrissur: Kalyan Jewellers India Limited recorded a consolidated PAT growth of 16% and a revenue growth of 17% over the same quarter of the previous year.

Total revenue for the quarter was Rs. 3435 Crores, compared to a total revenue of Rs. 2936 Crores for the same period during the last financial year. The company recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs. 299 Crores during Q3 FY22 compared to Rs. 288 Crores in the same quarter of the previous year.

Consolidated PAT for the quarter was Rs. 135 crores as against a PAT of Rs. 115 crores in Q3 FY21.

The revenue growth from the India business was approximately 15% during the recently concluded quarter, when compared to the same period in the last financial year. Total standalone revenue for the company (India), was Rs. 2880 Crores, as against Rs. 2497 Crores in Q3 of the last financial year.

The India operations recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs. 253 crores for the quarter, compared to Rs. 247 crores in the same quarter of the previous year.

There were certain one-time expenses comprising showroom write offs due to relocation and a one-time bonus to employees totaling 8 crs. Normalizing this, the standalone India EBITDA growth would have been 5%. Standalone PAT from the India operations during Q3 FY22 stands at Rs. 118 crores as against Rs. 94 crores in Q3 FY21.

In the Middle East, we witnessed a significant improvement in customer sentiment during the quarter, resulting in a revenue growth of 24% when compared to the same quarter in the last financial year. Total revenue from the Middle East operations during Q3 FY22 was at Rs. 515 crores as against Rs. 417 crores for the same period in the previous year. For the first time since the onset of COVID-19, the majority of our showrooms in the region have recorded revenue higher than pre-COVID levels.

The Middle East region contributed 15% to the overall consolidated revenue of the company. The Middle East operations recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs. 46 crores for the quarter compared to Rs. 31 crores in the same quarter of the previous year. PAT for the quarter was at Rs. 16 crores compared to a profit of Rs. 12 crores in Q3 FY21.

The e-commerce division Candere has continued its growth momentum. The revenue for the recently concluded quarter was Rs. 47 crore versus Rs. 34 crores in Q3-FY21, a growth of 40%. The PAT was at Rs. 26 lakhs compared to a PAT of Rs. 2.70 crores during the same period of the last financial year.

Presently, the Company’s retail footprint is spread across 151 stores in 21 Indian states and 4 countries in the Middle East, with a retail area exceeding 5,00,000 sq. ft.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “The overall Q-3 performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter (Q4), we have witnessed COVID induced weekend lockdowns leading to showroom closures, in some regions. We are also seeing weddings and celebrations being postponed. However, due to its resilient nature, we are expecting demand to bounce back in the subsequent quarters, like we saw in the previous year. We are closely monitoring the on-ground COVID-19 situation, and are committed to ensuring the safety and well-being of our customers and staff.”

Courtesy: Retail Jeweller India News