Kalyan Jewellers posts 9.62 pc surge in Q3 profit

Thrissur (Kerala) [India], February 7 (ANI): Kalyan Jewellers on Tuesday posted a 9.62 per cent surge in its profit after tax to Rs 148 crore for the quarter ended December 2022, against Rs 135 crore in the year-ago period.

The company’s consolidated revenue grew 13 per cent to Rs 3,884 crore for Q3FY23, against Rs 3,435 crore in the corresponding quarter of the previous year. Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 9.36 per cent to Rs 327 crore, against Rs 299 crore in the year-ago period, according to the company’s statement shared with exchanges on Tuesday.

Over the past four quarters, the company said it achieved revenue in excess of Rs 13,500 crore and a profit after tax (PAT) of 434 crore.

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.

Kalyan had incurred a loss of Rs 1.7 crore for the reviewed quarter. The company had Rs 26-lakh profit 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, showing a 24 per cent growth.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India, 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, the executive director said the company announced plans to open 52 showrooms during the calendar year 2023.

Kalyanaraman said, “We have hired approximately 900 personnel largely for the over 20 showrooms we plan to launch before Akshaya Tritiya – highest employee addition in a quarter in the history of the company so far.”