Kalyan Jewellers on Wednesday posted its fiscal first quarter profit Rs 143.89 crore, up 33.3 per cent in comparison to Rs 3332.64 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 4375.74 crore, up 31.3 per cent as against Rs 3332.64 crore during Q1FY23. The company EBITDA stood at Rs 322.8 crore, up 22.2 per cent on-year. Kalyan Jewellers recorded a total income of Rs 4387.39 crore during the first quarter and the total expenses stood at Rs 4198.93 crore during the quarter ended June 2023.
“The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East over the past several quarters,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited.
The company’s India operations recorded a PAT of Rs 129 crore for the quarter, up ~35 per cent as compared to a PAT of Rs 95 crore in the corresponding quarter of the previous year. Total revenue from the Middle East operations during Q1FY24 was Rs 700 crore as against Rs 574 crore in Q1 of the previous financial year, registering a growth of ~22 per cent. The Middle East operations recorded a PAT of Rs ~17 crore for the quarter compared to a PAT of Rs ~14 crore in the corresponding quarter of the previous year, showcasing a growth of ~24 per cent.
The Middle East region contributed ~16 per cent to the overall consolidated revenue of the company. The e-commerce division, Candere, recorded a revenue of Rs 34 crore during Q1 versus Rs 44 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 2.2 crore as against a loss of Rs 1.2 crore for the corresponding quarter of the previous year.
“We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country. The month of August will witness the launch of our 200th showroom in Jammu – a milestone in our showroom expansion journey,” said Ramesh Kalyanaraman.
Earlier this month, Kalyan Jewellers had announced its expansion plan for August across India with 11 new showrooms. With this expansion, the jewellery brand will mark the milestone of its 200th showroom launch globally in Jammu.