Kalyan Jewellers Q3 Results: Recorded PAT of Rs 148 cr

The Company recorded a consolidated revenue of Rs 3,884 crore for Q3 FY23 as against Rs 3,435 crore in the corresponding quarter of the previous year, a growth of 13 percent. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was recorded at Rs 327 crore as compared to Rs 299 crore in the same quarter of the previous year. Consolidated PAT for the quarter was at Rs 148 crore as against a PAT of Rs 135 crore for the same period of the previous year. Over the past four quarters, the company has achieved revenue in excess of Rs 13,500 crore and a PAT of 434 crore. 

The standalone revenue of the company (India) for Q3 FY23 was at Rs 3,219 crore, as against Rs 2,880 crore in Q3 of the previous year, a growth of 12 percent.

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

The e-commerce division, Candere recorded a revenue of Rs 44 crore for the quarter versus Rs 47 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.7 crore 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 crore as against Rs 515 crore in Q3 of the previous year, a growth of 24 percent. The Middle East region contributed approximately 16.5 percent to the overall consolidated revenue of the Company.

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

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 a 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 a 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 – the highest employee addition in a quarter in the history of the company so far.”