Kalyan Jewellers Q1 Result: Recorded PAT of Rs.108 cr, Revenue Growth of 104 pc

The company recorded consolidated revenue of Rs 3,333 crore for Q1FY23, a growth of 104 percent as compared to Rs 1,637 crore in the corresponding quarter of the previous year.
Kalyan Jewellers Q1 Result: Recorded PAT of Rs.108 cr, Revenue Growth of 104 pc

The recently concluded quarter has been yet another positive one for Kalyan Jewellers India Limited, having witnessed continued robust momentum in both footfalls and revenue across markets in India and in the Middle East.

The company recorded consolidated revenue of Rs 3,333 crore for Q1FY23, a growth of 104 percent as compared to Rs 1,637 crore in the corresponding quarter of the previous year. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was recorded at Rs 264 crore, a growth of 283 percent as compared to Rs 69 crore in the same quarter of the previous year. 

Consolidated PAT for the quarter was recorded at Rs 108 crore, as compared to a loss of Rs 51 crore for the same period of the previous year. Aided by industry tailwinds and strong execution, Kalyan’s business has seen a significant acceleration in scale, growth, and profitability, recording a consolidated Profit After Tax in the Last Twelve Months of Rs 383 crore, ~170 percent higher than pre-COVID (FY20) levels of Rs 142 crore.

Standalone revenue for the Company (India) was at Rs 2,719 crore, a growth of 113 percent as compared to Rs 1,274 crore in Q1 of the previous year. EBITDA in India was Rs 218 crore for the quarter, a growth of 336 percent as compared to Rs 50 crore in the same quarter of the previous year. PAT in India for the quarter was Rs 95 crore, as compared to a loss of Rs 43 crore in the corresponding quarter of the previous year.

The e-commerce division, Candere, recorded a revenue of Rs 44 crore for the quarter versus Rs 24 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.2 crore as against a profit of Rs 31 lakhs for the corresponding quarter of the previous year.

In the Middle East, total revenue from operations during Q1FY23 was at Rs 574 crore as against Rs 340 crore in Q1 of the previous year. The Middle East region contributed ~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 crores for the quarter, a growth of 161 percent compared to Rs 18 crore in the same quarter of the previous year. PAT for the quarter was at Rs 14 crore compared to a loss of Rs 9 crore in the corresponding quarter of the previous year.

Vinod Rai as the Chairman and Independent Non-executive Director on the Board of the Company, which was subject to receiving regulatory and shareholders’ approvals. Given the recent receipt of regulatory clearances, the Board of Directors of Kalyan has now appointed Vinod Rai as Independent Chairman of the Board. Rai was the former Comptroller and Auditor General of India, the former Chair of the United Nations Panel of External Auditors, and has held various positions within the government where he has been instrumental in a wide variety of reforms in India, and also was awarded the Padma Bhushan, one of India’s highest civilian awards.

Kalyan’s retail expansion continued in the recently concluded quarter, with the launch of four new showrooms - three in non-South markets in India, and one in the Middle East. As of June 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 158.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “The recently concluded quarter has been a positive one for Kalyan Jewellers, having witnessed robust momentum in both footfalls and revenue across India and Middle East markets. Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming festive season.

The Company launched its first franchised showroom in Q1 of this year. We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year. We believe the successful launch of the first set of franchised showrooms will give us the confidence to further enhance the pace of expansion through this significantly more capital efficient and return accretive path,” he added.

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