With the festive season in full swing, Kalyan Jewellers said it is seeing good growth momentum this year, with a 35% increase in revenue so far this quarter compared to the last year.
The company also reported a 27% jump in its profit for the three months ended September. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited, said that the company is having a “fantastic” year so far.
“We are extremely excited with the way the festive quarter has progressed thus far despite a higher number of Shradh days and volatile gold prices.,” he said.
Consolidated PAT for the second quarter of the financial year came in at Rs 135 crore as against Rs 106 crore for the corresponding period last year, the company said today.
With this, profit for the first half of the financial year has risen to Rs 278 crore from Rs 214 crore for the same period of last year.
In terms of revenue, the second quarter saw 27% growth to Rs 4,415 crore from Rs 3,473 crore in the same quarter last year.
Operating profit has also seen a growth of around 32% in the second quarter of the financial year.
The India operations recorded a PAT of Rs 126 crore for the quarter compared to a PAT of Rs 95 crore for the corresponding period in the previous year.
The second quarter has also seen a decent 5% jump in revenue for the Middle East business of the Jeweller as compared to the same period last financial year.
On the other hand, the e-commerce division of the Jeweller, Candere, has shown a step down with revenue falling from Rs 37 crore in Q2 FY23 and Rs 81 crore in H1 FY23 to Rs 31 crore in Q2 FY24 and Rs 66 crore in H1 FY24.