Kalyan Jewellers Q3 net up 16% at Rs 134 crore

Kalyan Jewellers India on Thursday reported a 16.48 per cent rise in its consolidated profit after tax (PAT) at Rs 134.52crore for the quarter ended December 2021.

The jewellery retailer’s PAT stood at Rs 115.48crore during the corresponding quarter of 2020-21, Kalyan Jewellers said in an exchange filing.

Revenue from operations grew by 16.99 per cent to Rs 3,435.39crore, compared to Rs 2,936.25crore in the same period of the previous fiscal.

There were certain onetime expenses comprising showroom write-offs due to relocation and a one-time bonus to employees totalling Rs 8crore. Normalising this, the standalone India EBITDA growth would have been 5 per cent, it added.

The company further said in the Middle East it witnessed a significant improvement in customer sentiment during the quarter, resulting in revenue growth of 24 per cent on an annual basis.

Total revenue from the Middle East operations during the third quarter of this fiscal was at Rs 515crore, as against Rs 417crore in the year-ago period.

For the first time since the onset of COVID-19, the majority of its showrooms in the region have recorded revenue higher than the pre-pandemic levels, the company noted.

The e-commerce division of the company, Candere, continued its growth momentum at Rs 47crore versus Rs 34crore in the third quarter FY21, a jump of 40 percent.

Presently, the company’s retail footprint is spread across 151 stores in 21 Indian states and 4 countries in the Middle East.

“The overall third quarter performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter, we have witnessed Covid induced weekend lockdowns leading to showroom closures, in some regions. (PTI)