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Kalyan Jewellers records profit of Rs 144 crore in Q1FY24

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The jewellery retailer’s revenue witnessed a growth of 31% to Rs 4,376 crore as against Rs 3,333 crore in the corresponding quarter of the financial year 2023

Bengaluru: Indian jewellery brand Kalyan Jewellers has recorded a consolidated profit after tax (PAT) of Rs 144 crore for the first quarter (Q1) of the financial year (FY) 2024 with a growth of 33% as against a PAT of Rs 108 crore for the same period of the previous year, the company said in a press release on Wednesday.

The jewellery retailer’s revenue stood at Rs 4,376 crore for Q1FY24 with a growth of 31% as against Rs 3,333 crore in the corresponding quarter of FY23.

“The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfall and revenue across all our markets in India and Middle East over the past several quarters,” said Ramesh Kalyanaraman, executive director of Kalyan Jewellers India Ltd.

The standalone revenue for the company (India) in Q1 FY24 witnessed a growth of 34% to Rs 3,641 crore, as against Rs 2,719 crore in Q1 of the previous financial year. The India operations recorded a PAT of Rs 129 crore for the quarter compared to a PAT of Rs 95 crore in the corresponding quarter FY23 with a growth of 35%.

Total revenue from the Middle East operations during Q1 FY24 rose to Rs 700 crore as against Rs 574 crore in Q1 of the previous financial year, registering a growth of 22%. The Middle East operations recorded PAT of Rs 17 crore for the quarter with a growth of 24% compared to a PAT of Rs 14 crore in the corresponding quarter of FY23.

The Middle East region contributed almost 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 company recorded a loss of Rs 2.2 crore for the quarter as against a loss of Rs 1.2 crore for FY23.

“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,” added Kalyanaraman.

The jewellery brand was founded by T. S. Kalyanaraman, who opened its first showroom in 1993. Headquartered in Thrissur, Kerala, Kalyan Jewellers currently has 197 showrooms across India and the Middle East with a retail area exceeding 6,40,000 sq. ft.

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