Friday, August 12, 2022

Kalyan Jewelers posts ₹108 cr net profit; looking forward to the festive sale

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  • Kalyan Jewelers India posted a profit after tax (PAT) of ₹108 crore in Q1FY23.
  • The company has witnessed momentum in traffic and revenue in the India and Middle East markets.
  • Kalyan aims to increase its retail footprint in India by another 8% ahead of Diwali this year.

The hefty import duties and gold price volatility did not take away from Kalyan Jewelers as it reported a net profit of ₹108 crore in the April-June quarter. In the same period last year, it reported a loss of ₹51 crore.

Consolidated revenues were ₹3,333 crore, nearly doubling from ₹1,637 crore reported in the same quarter last year.

“The recently closed quarter was positive for Kalyan Jewelers, given strong momentum in both traffic and revenue in the Indian and Middle Eastern markets. Sales momentum in the current quarter has remained encouraging so far and we look forward to the coming public holidayssaid Ramesh Kalyanaraman, ED, Kalyan Jewelers India.

In the Middle East, which contributes about 17% of total business, jewelers’ total revenues increased 69% to 574 crore in the first quarter, from 340 crore last year.

Jewelers’ stock rose 5.87% in today’s trading, according to NSE.

Increase his footprint

Kalyan Jewelers, which launched its first franchise showroom in the first quarter, aims to increase its retail footprint in India by an additional 8% ahead of Diwali this year.

This new lineup is planned in the non-Southern markets. It will also focus on scaling operations within micromarkets of tier-1 cities such as Delhi and Mumbai, while aggressively expanding its presence in tier-2 and tier-3 markets.

“We have built a meaningful pipeline of additional franchise showrooms thanks to the very encouraging response from potential franchise partners, and we are on track with our expansion plans for the current fiscal year. We believe that the successful launch of the first series of franchise showrooms will give us the confidence to further accelerate growth through this significantly more capital efficient and profitable path,” said Kalyanaraman.

As of June 30, 2022, Kalyan Jewelers’ retail network in India and the Middle East stood at 158.

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