Kalyan Jewellers records 27% growth in PAT in Q2

Kalyan Jewellers has announced that it has recorded consolidated revenue of Rs 8,790 crore in H1FY24 as against Rs 6,806 crore in the corresponding period of the previous year, a growth of over 29%. Consolidated PAT for the first half of the financial year was Rs 278 crore as against a PAT of Rs 214 crore for the same period of the previous year, a growth of over 30%

Consolidated revenue of the company in Q2 FY24 was Rs 4,415 crore as against Rs 3,473 crore in the corresponding quarter of the previous year, a growth of over 27%. Consolidated PAT for Q2 FY24 was Rs 135 crore as against a PAT of Rs 106 crore for the corresponding period in the previous year, a growth of over 27%. 

The standalone revenue for the company (India) in H1 FY24, was Rs 7,395 crore, as against Rs 5,560 crore for the same period in the previous financial year, a growth of ~33%. The India operations recorded PAT of over Rs 254 crore for the first half of the financial year compared to a PAT of Rs 191 crore for the corresponding period in the previous year, a growth of ~34%. 

The standalone revenue for the company (India) in Q2 FY24, was Rs 3,754 crore, as against Rs 2,841 crore in Q2 of the previous financial year, a growth of 32%. The India operations recorded PAT of Rs 126 crore for the quarter compared to a PAT of Rs 95 crore for the corresponding period in the previous year, a growth of 32%. 

Total revenue from the Middle East operations during Q2 FY24 was Rs 629 crore as against Rs 601 crore in Q2 of the previous financial year, a growth of ~5%. The Middle East operations recorded PAT of Rs 12 crore for the quarter compared to a PAT of Rs 14 crore for the corresponding period in the previous year. 

The company adds that the e-commerce division, Candere, recorded a revenue of Rs 66 crore in H1 FY24 and Rs 31 crore in Q2 FY24 versus Rs 81 crore in H1 FY23 and Rs 37 crore in Q2 FY23. The company recorded a loss of Rs 4.8 crore in H1 FY24 and Rs 2.5 Cr in Q2 FY24 as against a loss of Rs 4.2 crore in H1 FY24 and 3.0 crore in Q2 FY23. 

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India 

Limited, said, “It has been a fantastic year so far. Revenue growth for the first half of the current financial year was 29%. We are extremely excited with the way the festive quarter has progressed thus far despite higher number of Shradh days and volatile gold prices. We have witnessed revenue growth of ~35% for the current quarter till 12th of November when compared to the same period during the prior year.”