Kalyan Jewellers India Ltd Recorded PAT of Rs 106 cr
Kalyan Jewellers India Ltd Recorded PAT of Rs 106 cr

The recently concluded quarter has been yet another positive one for Kalyan Jewellers India Limited. The company recorded consolidated revenue of Rs 3,473 crore for Q2FY23 as against Rs 2,889 crore in the corresponding quarter of the previous year, a growth of 20 percent.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) were recorded at Rs 266 crore compared to Rs 228 crore in the same quarter of the previous year, a 17 percent growth. Consolidated PAT for the quarter was at Rs 106 crore as against a PAT of Rs 69 crore for the same period of the previous year, a growth of 54 percent. 

The consolidated revenue of the company for the first half (H1FY23) was Rs 6,806 crore, compared to the consolidated revenue of Rs 4,525 crore for the same period during the previous financial year, a 50 percent growth. The company recorded Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of Rs 530 crore for the first half compared to Rs 297 crore in the same period of the last financial year, recording a growth of 79 percent. Consolidated PAT for H1FY23 was Rs 214 crore as against a PAT of Rs 17 crore in H1FY22. 

Riding on strong demand recovery, the standalone revenue of the Company (India) for Q2FY23 was at Rs 2,841 crore, as against Rs 2,503 crore in Q2 of the previous year. 

The India operations recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 222 crore for the quarter, compared to Rs 201 crore in the same quarter of the previous year. The standalone PAT (India) for the quarter was Rs 95 crore compared to a PAT of Rs 68 crore in the corresponding quarter of the previous financial year. 

The e-commerce division, Candere, recorded a revenue of Rs 37 crore for the quarter versus Rs 32 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 3 crores as against a profit of Rs 54 lakh for the corresponding quarter of the previous year. 

In the Middle East, total revenue from operations during Q2FY23 was at Rs 601 crore as against Rs 360 crore in Q2 of the previous year.

The Middle East region contributed approximately 17 percent to the overall consolidated revenue of the Company. The Middle East operations recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 47 crore for the quarter compared to Rs 26 crore in the same quarter of the previous year. PAT for the quarter was at Rs 14 crore compared to a PAT of Rs 35 lakh in the corresponding quarter of the previous year. 

Retail expansion of the brand continued in the recently concluded quarter, with the launch of 5 new showrooms – all in the non-South markets in India. This includes the launch of the first physical experience center of its e-commerce platform - Candere. As of September 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 163. 

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are satisfied with the performance during the recently concluded quarter and are extremely excited with the way the current quarter has started despite last year’s high base. We have witnessed revenue growth of approximately 25 percent for the festive period of 31 days approaching Diwali, when compared to the same period last year, and are looking forward to a strong end to the quarter.

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