Kalyan Jewellers India Limited recorded PAT of Rs.106 crores; a growth of 54% in Q2FY23

Thrissur, November 10, 2022: The recently concluded quarter has been yet another positive one for Kalyan Jewellers India Limited. The Company recorded consolidated revenue of Rs 3,473 crores for Q2FY23 as against Rs 2,889 crores in the corresponding quarter of the previous year, a growth of 20%. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was recorded at Rs 266 crores compared to Rs 228 crores in the same quarter of the previous year, a 17% growth. Consolidated PAT for the quarter was at Rs 106 crores as against a PAT of Rs 69 crores for the same period of the previous year, a growth of 54%.
 
The consolidated revenue of the Company for the first half (H1FY23) was Rs 6,806 crores, compared to the consolidated revenue of Rs 4,525 crores for the same period during the previous financial year, a 50% growth. The company recorded Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) of Rs 530 crores for the first half compared to Rs 297 crores in the same period of the last financial year, recording a growth of 79%. Consolidated PAT for H1FY23 was Rs 214 crores as against a PAT of Rs 17 crores in H1FY22.
 
Riding on strong demand recovery, the standalone revenue of the Company (India) for Q2FY23 was at Rs 2,841 crores, as against Rs 2,503 crores in Q2 of the previous year.
 
The India operations recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs 222 crores for the quarter, compared to Rs 201 crores in the same quarter of the previous year. The standalone PAT (India) for the quarter was Rs 95 crores compared to a PAT of Rs 68 crores in the corresponding quarter of the previous financial year.
 
The e-commerce division, Candere, recorded a revenue of Rs 37 crores for the quarter versus Rs 32 crores in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 3 crores as against a profit of Rs 54 lakhs for the corresponding quarter of the previous year.
 
In the Middle East, total revenue from operations during Q2FY23 was at Rs 601 crores as against Rs 360 crores in Q2 of the previous year.
 
The Middle East region contributed approximately 17% to the overall consolidated revenue of the Company. The Middle East operations recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs 47 crores for the quarter compared to Rs 26 crores in the same quarter of the previous year. PAT for the quarter was at Rs 14 crores compared to a PAT of Rs 35 lakhs in the corresponding quarter of the previous year.
 
Retail expansion of the brand continued in the recently concluded quarter, with the launch of 5 new showrooms – all in the non-South markets in India. This includes the launch of first physical experience center of its e-commerce platform - Candere. As of September 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 163.
 
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are satisfied with the performance during the recently concluded quarter and are extremely excited with the way the current quarter has started despite last year’s high base. We have witnessed a revenue growth of approximately 25% for the festive period of 31 days approaching Diwali, when compared to the same period last year and are looking forward to a strong end to the Quarter.”