Kalyan Jewellers’ Q1 FY23 revenue more than doubled (+104%) to Rs. 1,637 crore compared with the previous year owing to “continued robust momentum in both footfalls and revenue across markets in India and in the Middle East.”
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was recorded at Rs. 264 crore, a growth of 283% as compared to Rs. 69 crores in the same quarter of the previous year. Consolidated profit after tax for Q1 was recorded at Rs. 108 crore, compared to a loss of Rs. 51 crores last year.
Aided by industry tailwinds and strong execution, Kalyan’s business has seen a significant acceleration in scale, growth and profitability, recording a consolidated Profit After Tax in the last twelve months of Rs. 383 crore, around 170% higher than pre-Covid (FY20) level of Rs. 142 crore.
The e-commerce division, Candere, recorded a revenue of Rs. 44 crore for Q1 versus Rs. 24 crore in the corresponding quarter of the previous year . The e-commerce division recorded a Q1 loss of Rs. 1.2 crore as against a profit of Rs. 31 lakh year-on-year.
In the Middle East, total revenue from operations during Q1 FY23 was at Rs. 574 crore as against Rs. 340 crore in Q1 of the previous year. The Middle East region contributed approximately 17% to the overall consolidated revenue of the company. The Middle East operations recorded EBITDA of Rs. 47 crore for the quarter, a growth of 161%. Profit after tax for the quarter was at Rs. 14 crore compared to a loss of Rs. 9 crore in the corresponding quarter of the previous year.
Kalyan’s retail expansion continued in the recently concluded quarter, with the launch of four new showrooms — three in non-South markets in India, and one in the Middle East. As of 30th June, 2022, Kalyan Jewellers’ store network across India and the Middle East stood at 158.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited, said, “Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming festive season. The company launched its first franchised showroom in Q1 of this year. We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year.”