Kalyan Jewellers on Tuesday reported a 10.34% year-on-year (YoY) increase in its consolidated profit after tax to Rs 148.43 crore for the quarter ended December 31, 2022. The company reported a net profit of Rs 134.52 crore in the same quarter of the previous fiscal year.
Kalyan Jewellers clocked a 13% increase in consolidated revenue at Rs 3,884 crore during the October-December 2022 period, which stood at Rs 3,435 crore in the year-ago period. Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) were recorded at Rs 327 crore compared to Rs 299 crore in the same quarter of the previous year.
“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 the 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,” Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India, said.
The India operations recorded EBITDA of Rs 276 crores for the quarter, compared to Rs 253 crores in the same quarter of the previous year. Meanwhile, the standalone PAT (India) for the quarter was Rs 133 crore compared to a 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 against Rs 47 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.7 crores 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 against Rs 515 crore in Q3 of the previous year, up 24%.
The Middle East region contributed approximately 16.5% 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.
Following the Q3 results, Kalyan Jewellers’ stock fell 3% to Rs 116.4 on BSE.