Kalyan Jewelers India Ltd recorded a PAT of Rs 106 cr


The recently concluded quarter was once again positive for Kalyan Jewelers India Limited. The company recorded consolidated revenue of Rs 3,473 crore for Q2FY23 compared to Rs 2,889 crore in the corresponding quarter of the previous year, representing a growth of 20%.

Earnings before interest, tax, depreciation and amortization (EBITDA) was recorded at Rs 266 crore compared to Rs 228 crore in the same quarter of the previous year, representing a growth of 17%. The consolidated PAT for the quarter was Rs 106 crore compared to a PAT of Rs 69 crore for the same period of the previous year, representing a growth of 54%.

The company’s consolidated revenue for the first half (H1FY23) was Rs 6.806 crore, compared to consolidated revenue of Rs 4,525 crore for the same period in the previous financial year, representing a growth of 50%. 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 previous fiscal year, recording a growth of 79%. . The consolidated PAT for H1FY23 was Rs 214 crore against a PAT of Rs 17 crore in H1FY22.

Thanks to a strong recovery in demand, the company’s (India) standalone revenue for Q2FY23 was Rs 2,841 crore, compared to Rs 2,503 crore in Q2 of the previous year.

India operations recorded earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 222 crore for the quarter, compared to Rs 201 crore in the same quarter a year earlier. The standalone PAT (India) for the quarter was Rs 95 crore compared to a PAT of Rs 68 crore in the corresponding quarter last year.

The e-commerce division, Candere, recorded revenue of Rs 37 crore for the quarter compared to Rs 32 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 3 crores 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 Rs 601 crore compared to Rs 360 crore in Q2 a year earlier.

The Middle East region contributed approximately 17% to the Company’s overall consolidated revenue. Middle East operations recorded earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 47 crore for the quarter, compared to Rs 26 crore in the same quarter a year earlier. The PAT for the quarter was Rs 14 crore compared to a PAT of Rs 35 lakh in the corresponding quarter of the previous year.

The commercial expansion of the brand continued during the last quarter, with the launch of 5 new showrooms, all in non-South Indian markets. This includes the launch of the first physical experience center of its e-commerce platform – Candere. As of September 30, 2022, Kalyan Jewelers’ store network in India and the Middle East stood at 163.

Ramesh Kalyanaraman, Executive Director of Kalyan Jewelers India Limited, said: “We are pleased with the performance in the quarter just ended and extremely excited about how the current quarter has started despite last year’s high base. We saw revenue growth of around 25% for the festive 31-day period leading up to Diwali, compared to the same period last year, and we expect a strong end to the quarter.

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