Kalyan Jewellers Q3: Revenue up 17% to Rs 3,463 cr on-year; PAT up 16%

Kalyan Jewellers released its third quarter results on Friday. It said that it recorded a revenue growth of 17 per cent at Rs 3,436 crore on-year, compared to the total revenue of Rs 2,936 crore for the same period previous year. It also recorded a consolidated PAT (profit after tax) growth of 16 per cent at Rs 135 crore against Rs 115 crore in Q3 FY21.  

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 299 crore in FY22 Q3, compared to Rs 288 crore in the same period previous year. 

The revenue growth from the India business was approximately 15 per cent in the quarter under review, as compared to the same period last year. Total standalone revenue for the company from India was Rs 2,880 crore as against Rs 2,497 crore last year. The India operations EBITDA stood at Rs 253 crore for the quarter as against Rs 247 crore the previous year.

Kalyan Jewellers also acknowledged certain one-time expenses, including showroom write-offs due to relocation and one-time employee bonus amounting to Rs 8 crore. “Normalising this, the standalone India EBITDA growth would have been ~5 per cent. Standalone PAT from the India operations during Q3 FY22 stands at Rs 118 crore as against Rs 94 crore in Q3 FY21,” it stated.

The jewllery company said that it saw a significant improvement in customer sentiment in Middle East during the quarter, which resulted in a revenue growth of 24 per cent, as compared to the same period previous year. Total revenue from Middle East operations during FY22 Q3 was Rs 515 crore as against Rs 417 crore for the same period previous year. It said that for the first time since COVID-19 breakout, majority of their showrooms in the region recorded revenue higher than pre-COVID levels. 

Middle East region contributed 15 per cent to the overall consolidated revenues of the company. EBITDA stood at Rs. 46 crore for the quarter compared to Rs 31 crores the year before. PAT for the quarter was at Rs 16 crore compared to Rs 12 crore in Q3 FY21. 

The company’s e-commerce division Candere continued its growth momentum too with revenue of Rs 47 crore over Rs 34 crore in Q3 FY21, which translates to a growth of 40 per cent. PAT was at Rs 26 lakh compared to Rs 2.70 crore in the same period last year.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “The overall Q3 performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter (Q4), we witnessed COVID induced weekend lockdowns leading to showroom closures in some regions. We also saw weddings and celebrations being postponed. However, due to its resilient nature, we expect demand to bounce back in the subsequent quarters, like we saw in the previous year."

Also read: All in a day: Zuckerberg loses $29 bn as Meta's stock plunged 26%

Also read: Vedant Fashions raises Rs 945 crore from 75 anchor investors ahead of IPO