Kalyan Jewellers Q3 results: Profit up 22% YoY at Rs 180 crore; revenue jumps 34%

Kalyan Jewellers India Ltd on Wednesday reported consolidated revenue of Rs 5,223 crore during the third-quarter of ongoing financial year 2023-24 (Q3 FY24) as against Rs 3,884 crore in the corresponding period last fiscal, registering a growth of over 34 per cent. Consolidated PAT (profit after tax) for Q3 FY24 was up around 22 per cent at Rs 180 crore as against a PAT of Rs 148 crore in the year-ago period.

"The standalone revenue for the company (India) in Q3 FY24, was Rs 4,512 crore, compared to Rs 3,219 crore in Q3 of the previous financial year, a growth of over 40 per cent. The India operations recorded PAT of Rs 168 crore for the quarter compared to a PAT of Rs 133 crore for the corresponding period in the previous year, a growth of 26 per cent," the Thrissur-based jewellery retailer said.

"Total revenue from the Middle East operations during Q3 FY24 was Rs 683 crore as against Rs 641 crore in Q3 of the previous financial year, a growth of over 6 per cent. The Middle East operations recorded PAT of Rs 14 crore for the quarter compared to a PAT of Rs 17 crore for the corresponding period in the previous year. Candere, recorded a revenue of Rs 29 crore in Q3 FY24 versus Rs 44 crore in Q3 FY23. The company recorded a loss of Rs 1.6 crore in Q3 FY24 as against a loss of Rs 1.7 crore in Q3 FY23," Kalyan added.

Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers, said, "It has been a fantastic financial year so far. Performance across all quarters has been excellent. Consolidated revenue growth for the first nine months of the current financial year is around 31 per cent and revenue growth in India is 36 per cent driven by robust network expansion along with healthy same-store-sales-growth. The ongoing quarter has also started off well and we are looking forward to ending the financial year on a strong note."

Shares of Kalyan Jewellers were last seen trading 0.24 per cent lower at Rs 367.45. Bourses BSE and NSE have put the securities of Kalyan under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

The counter traded higher than the 5-day, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs) but lower than the 10-day and 20-day SMAs. The scrip's 14-day relative strength index (RSI) came at 55.71. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 83.62 against a price-to-book (P/B) value of 9.85.

As of December 2023, promoters held 60.55 per cent stake in the company.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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