Kalyan Jewellers India Q3 consolidated PAT rises 10% to Rs 148.43 crore

Kalyan Jewellers India on Tuesday reported a 10.34 per cent growth in consolidated profit after tax (PAT) during the quarter ending December 31, 2022, at Rs 148.43 crore.

The jewellery retailer's PAT stood at Rs 134.52 crore in the October-December quarter of the previous financial year, Kalyan Jewellers India said in a regulatory filing.

The company recorded a 13.06 per cent growth in consolidated revenue during the quarter under review at Rs 3,884.09 crore against Rs 3,435.39 crore in the year-ago period.

The India operations recorded EBITDA of Rs 276 crore for the quarter, compared to Rs 253 crore in the same period a year ago.

The e-commerce division, Candere, recorded a revenue of Rs 44 crore for the quarter versus Rs 47 crore a year ago.

Total revenue from operations in the Middle East grew by 24 per cent during the third quarter of FY23 was at Rs 641 crore against Rs 515 crore in the December quarter of the previous year.

The Middle East region contributed around 16.5 per cent to the overall consolidated revenue of the company.

"We are seeing a robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite a continued spike in gold price," Kalyan Jewellers India Executive Director Ramesh Kalyanaraman said.

During the recently concluded quarter, the company announced its plans to open 52 showrooms during the calendar year 2023, he said.

"As part of this strategy, we have invested a significant amount of time and effort over the last 3-4 months in building our internal resources. We have hired about 900 personnel largely for over 20 showrooms we plan to launch before Akshaya Tritiya - highest employee addition in a quarter in the history of the company so far," Kalyanaraman added.