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Kalyan Jewellers Q3 consolidated profit after tax up 16% at Rs 134 cr

Revenue from operations grew by 16.99 per cent to Rs 3,435.39 crore, compared to Rs 2,936.25 crore in the same period of the previous fiscal

Kalyan Jewellers | Q3 results

Press Trust of India  |  Mumbai 

Kalyan Jewellers

India on Thursday reported a 16.48 per cent rise in its consolidated profit after tax (PAT) at Rs 134.52 crore for the quarter ended December 2021.

The jewellery retailer's PAT stood at Rs 115.48 crore during the corresponding quarter of 2020-21, said in an exchange filing.

Revenue from operations grew by 16.99 per cent to Rs 3,435.39 crore, compared to Rs 2,936.25 crore in the same period of the previous fiscal.

There were certain one-time expenses comprising showroom write-offs due to relocation and a one-time bonus to employees totalling Rs 8 crore.

Normalising this, the standalone India EBITDA growth would have been 5 per cent, it added.

The company further said in the Middle East it witnessed a significant improvement in customer sentiment during the quarter, resulting in revenue growth of 24 per cent on an annual basis.

Total revenue from the Middle East operations during the third quarter of this fiscal was at Rs 515 crore, as against Rs 417 crore in the year-ago period.

For the first time since the onset of COVID-19, the majority of its showrooms in the region have recorded revenue higher than the pre-pandemic levels, the company noted.

The e-commerce division of the company, Candere, continued its growth momentum at Rs 47 crore versus Rs 34 crore in the third quarter FY21, a jump of 40 per cent.

Presently, the company's retail footprint is spread across 151 stores in 21 Indian states and 4 countries in the Middle East.

"The overall third quarter performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter, we have witnessed Covid induced weekend lockdowns leading to showroom closures, in some regions.

"We are also seeing weddings and celebrations being postponed," India Executive Director Ramesh Kalyanaraman said.

However, due to its resilient nature, Kalyan Jewellers is expecting demand to bounce back in the subsequent quarters, like it was witnessed in the previous year, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, February 03 2022. 15:59 IST