Kalyan Jewellers Q1 consolidated loss narrows to Rs 51 cr

By: |
August 11, 2021 3:37 AM

The Thrissur-based retail chain said robust momentum at the start of the current financial year slowed down once lockdowns and restrictions were imposed by various states in the last week of April.

The company added new new stores in the recently concluded quarter.The company added new new stores in the recently concluded quarter.

Kalyan Jewellers on Tuesday reported a consolidated loss of Rs 51 crore for the first quarter of the current financial year as against a consolidated loss of Rs 86 crore in the comparable period of the last fiscal year.

The Thrissur-based retail chain said robust momentum at the start of the current financial year slowed down once lockdowns and restrictions were imposed by various states in the last week of April.

Consolidated revenue grew 109% in Q1FY22 compared to Q1FY21, primarily driven by robust sales momentum across stores both prior to and post lockdowns in the quarter, as well as a low base in the last financial year.

While the India revenue grew 94%, Middle East growth was 183%.Total revenue for the quarter was Rs 1,637 crore, compared to Rs 782 crore for the same period last year. At the consolidated level, the company recorded earnings before interest and tax (EBIT) of Rs 11 crore for the period under review, compared to Rs 68 lakh in the same period of last year.

Ramesh Kalyanaraman, executive director of Kalyan Jewellers India, said, “The outcome of the first quarter has been above our expectations and we are happy with the overall performance. The pace of demand recovery witnessed in the just-concluded quarter was higher than what we experienced in Q1FY21, and the momentum in the stores that were operational was similar and comparable to that in Q4FY21. The compulsory hallmarking move by the government will play a significant role in transforming the sector and making it more transparent while accelerating the shift from unorganised to organised. The organised players in our sector have significant tailwinds and we are well positioned to address this opportunity.”

The company added new new stores in the recently concluded quarter.

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