Kalyan Jewellers Q3FY23 profit after tax up by 10% to Rs 148cr

Kalyan Jewellers has reported a profit after tax (PAT) of INR 148 crores in the third quarter of the fiscal year 2023 (Q3FY23), an increase of 9.6% compared to INR 135 crores for the same period in the previous fiscal year.

The Indian jewellery retailer said that its consolidated revenue for the reported quarter ended 31 December 2022 grew by 13% to INR 3,884 crores compared to INR 3,435 crores in Q3FY22.

Kalyan Jewellers said that the Middle East region chipped in nearly 16.5% of the overall consolidated revenue. The company’s e-commerce division, which is called Candere, earned a revenue of INR 44 crores.

The jewellery retailer opened half a dozen new showroom, all located in the non-South Indian markets. This included the launch of the second physical store of Candere.

Kalyan Jewellers Q3FY23 results announced. Photo courtesy of Jpullokaran/Wikimedia Commons.

As of 31 December 2022, the store network of Kalyan Jewellers across India and the Middle East was 169.

Commenting on Kalyan Jewellers Q3FY23 results, Ramesh Kalyanaraman — Kalyan Jewellers India Executive Director said: “We are pleased with the performance during the recently concluded quarter and are excited with the way the current quarter has started. We are seeing robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite continued spike in gold price.

“During the recently concluded quarter we announced our plans to open 52 showrooms during the calendar year 2023.”