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.”
Salty has successfully raised Rs 5.4 crore in a recent funding round, securing support from marquee investors: Anicut Capital, All in Capital, Suashish Diamonds, JK Group, and other investors.
Founded with a vision to redefine fashion jewelry, Salty has rapidly become a beacon of style, resonating with consumers seeking distinctive and expressive accessories. This recent funding milestone not only highlights the brand's growing popularity but also signifies a new chapter in Salty's journey. The funds will be strategically used to foster team expansion and launch a new product range, as the brand continues its mission to provide high-quality and affordable fashion accessories to consumers.
"We are thrilled to have such experienced consumer space investors as partners. Their support speaks volumes about the potential that is there in this space and we are excited about the opportunities that lie ahead. This is not just a financial milestone; it's a testament to the hard work of our team and the unwavering support of our community. We aim to achieve 40 crore annual revenue run rate in 2024 and expand our design range to include over 3000 products,” said Kanishka Garg, Twishaa Gupta, and Sonaal Goel, Co-Founders of Salty.
“We are excited to back Salty's vision of bringing high-quality and affordable accessories to Indian consumers. Salty has shown exceptional efficiency in its one-year journey. We believe that Salty has the potential to become a key player in the e-commerce and jewelry space. We look forward to collaborating closely with the Salty team to achieve their ambitious goals and contribute to their continued success," said Ajay Anand, Partner, Anicut Capital.
Ashish Goenka of the Suashish Group mentioned, "We were impressed by the team and think that this venture is aligned with the emergence of fashion accessories as a category today's generation is in tune with. The team has come up with unique designs which demonstrate that they have a pulse on what younger generations want."
With over a year under its belt, Salty has become one of India's fastest-growing accessories brands, having fulfilled more than one lakh orders. The brand's encouraging history is demonstrated by its approval into the Startup India Seed Fund program and a community of 100K followers on Instagram.
Salty is poised to strategically deploy the raised capital to fuel several key initiatives. These include recruiting for key positions, expanding channels, and fortifying the brand's digital presence with the release of an App, propelling them towards the ambitious milestone of becoming a 100-crore company in the next few years.
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