Kalyan Jewellers jumps 5% to hit record high on solid Q1 results

Shares of Kalyan Jewellers rallied 5.6 per cent to hit a record high of Rs 188 per share on the BSE in Wednesday's intra-day trade, after the company clocked 31 per cent year-on-year (YoY) jump in consolidated revenue from operations to Rs 4,387 crore in the April-June quarter for fiscal year 2023-24 (Q1FY24).
 

So far this calendar year, the stock of this Kerala-based company surged 49 per cent, as against an 8 per cent rise in the S&P BSE Sensex.
 

In the recently concluded quarter, the jewellery maker's consolidated profit-after-tax (PAT) rose 33 per cent YoY to Rs 143 crore from Rs 107 crore, in the year-ago period. India operations, too, recorded 35 per cent growth in PAT to Rs 129 crore.
 

The company's total revenue from Middle-East operations increased 22 per cent YoY to Rs 700 crore in the June quarter, while PAT jumped 24 per cent to Rs 17 crore. The Middle-East region contributed 16 per cent to the overall consolidated revenue of the company.
 

The e-Commerce division, Candere, recorded a revenue of Rs 34 crore for the quarter versus Rs 44 crore, in the corresponding quarter of the previous year.
 

Total expenses, meanwhile, climbed 31 per cent YoY to Rs 4,198 crore in Q1FY24.
 

The management hailed the June quarter performance, saying that it witnessed robust momentum in footfalls and revenue across all markets in India and Middle-East.
 

"We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country," said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India.
 

Moreover, the company will launch their 200th showroom in Jammu in August. That apart, the upcoming showroom launches for August include Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.