Kalyan Jewellers India Limited recorded PAT of Rs 144 crore in Q1FY24, a Growth of ~33%

Mumbai, 09 August 2023: The Company recorded consolidated revenue of Rs 4,376 crore for Q1FY24 as against Rs 3,333 crore in the corresponding quarter of the previous year, a growth of 31%. Consolidated PAT for the quarter was at Rs 144 crore as against a PAT of Rs 108 crore for the same period of the previous year, a growth of ~33%.

The standalone revenue for the company (India) in Q1 FY24, was Rs 3,641 crore, as against Rs 2,719 crore in Q1 of the previous financial year, a growth of ~34%. The India operations recorded PAT of Rs 129 crore for the quarter compared to a PAT of Rs 95 crore in the corresponding quarter of the previous year, a growth of ~35%.

Total revenue from the Middle East operations during Q1 FY24 was Rs 700 crore as against Rs 574 crore in Q1 of the previous financial year, a growth of ~22%. The Middle East operations recorded PAT of Rs ~17 crore for the quarter compared to a PAT of Rs ~14 crore in the corresponding quarter of the previous year, a growth of ~24%.

The Middle East region contributed ~16% to the overall consolidated revenue of the company.

The e-commerce division, Candere, recorded a revenue of Rs 34 crore for the quarter 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.

Mr. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We have had a very good start to the financial year. 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. 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.”