Kalyan Jewellers Q3 results: Profit rises 21% to Rs 219 crore; revenue up 40%

Kalyan Jewellers India Ltd on Thursday posted a 21.16 per cent rise, year-on-year (YoY), in its consolidated net profit for the December 2024 quarter (Q3 FY25). During the quarter under review, profit came at Rs 218.82 crore as against Rs 180.61 crore in the year-ago period.

The company's revenue from operations jumped 39.51 per cent to Rs 7,286.88 crore in Q3 FY25 from Rs 5,223.08 crore in the corresponding period last year.

"Consolidated PAT (profit after tax) growth would be 44 per cent adjusting for the loss due to reduction in customs duty (announced during Union Budget in July 2024). The standalone revenue for the company (India) in Q3 FY25, was Rs 6,393 crore, as against Rs 4,512 crore in Q3 of the previous financial year, a growth of 42 per cent. The India operations recorded PAT of Rs 218 crore for the quarter compared to a PAT of Rs 168 crore for the corresponding period in the previous year. Adjusting for the customs duty loss the PAT growth would be 54 per cent," the jewellery maker stated in a release.

"Total revenue from the Middle East operations during Q3 FY25 was Rs 840 crore as against Rs 683 crore in Q3 FY24, a growth of over 23 per cent. The Middle East operations recorded PAT of Rs 15 crore for the quarter compared to a PAT of Rs 14 crore for the corresponding period in the previous year," Kalyan also said.

"The e-commerce division, Candere, recorded a revenue of Rs 55 crore in Q3 FY25 versus Rs 29 crore in Q3 FY24. The company recorded a loss of Rs 6.9 crore in Q3 FY25 versus a loss of Rs 1.6 crore during Q3 FY24," it further stated.

Ramesh Kalyanaraman, Executive Director at Kalyan, said, "The current quarter has started off well despite the volatility in gold prices. We are upbeat about the ongoing wedding season and expect to end the financial year on a strong note. We are on track for the launch of 30 Kalyan showrooms and 15 Candere showrooms in India during the current quarter."

The quarterly results were announced post-market hours today. Earlier in the day, the stock settled 2.02 per cent lower at Rs 440.30. At this price, it has crashed 43.14 per cent on a year-to-date (YTD) basis.

The fall in share price came even as the company denied talks of IT raids, FIR and bribing a few fund managers. In an earnings audio call, the jewellery maker stated that no IT raids had been conducted at its premises and termed bribery allegations 'absurd'.

Kalyanaraman said, "Very absurd allegation. We have always conducted our businesses and interactions with all stakeholders with a very high level of integrity and transparency," adding that "there have been no raids at any of our premises."

He also clarified that there was no FIR against the company or the promoter. "Anyway, if there was something then we should surely update in the stock exchange so that itself makes it clear that we have not received any FIR against the company or promoter. Yes, we are in the seat of summon which has a reference to an FIR number. This pertains to litigation with a franchisee partner where the dues were settled and the contract was terminated due to breach of contract terms. According to the legal advice we received this is purely commercial and civil in nature and does not warrant an FIR. We have already taken legal action on it. But to your question, we have not received any FIR against company or the promoters," Kalyanaraman stated.

As per BSE data, promoters held a 62.85 per cent stake in the company.