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Informist, Wednesday, Nov. 13, 2024

 

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--Kalyan Jewellers Jul-Sept consol PAT INR 1.31 bln vs INR 1.35 bln year ago 
--Kalyan Jewellers Jul-Sept consol revenue INR 60.65 bln vs INR 44.15 bln 
--Kalyan Jewellers Apr-Sept consol PAT INR 3.08 bln vs INR 2.79 bln year ago 
--Kalyan Jewellers Apr-Sept consol revenue INR 116.01 bln vs INR 87.90 bln 
--Kalyan Jewellers Jul-Sept cost of materials INR 53.74 
--Kalyan Jewellers Jul-Sept cost of materials INR 53.74 bln vs INR 39.52 bln 
--Kalyan Jewellers Jul-Sept advt expense INR 978.79 mln vs INR 455.08 mln 
--Kalyan Jewellers: One-time loss of INR 690 mln in Jul-Sept due to duty cut 
--Kalyan Jewellers Jul-Sept consol EBITDA INR 3.27 bln vs INR 3.14 bln 
--Kalyan Jewellers Jul-Sept consol EBIT INR 2.42 bln vs INR 2.47 bln 
--Kalyan Jewellers Jul-Sept India revenue INR 52.27 bln, up 39% on year 
--Kalyan Jewellers Jul-Sept Middle East revenue INR 8 bln, up 27% on year 
--Kalyan Jewellers Jul-Sept India gold revenue INR 36.12 bln, up 38% on year 
--Kalyan Jewellers Jul-Sept India studded sales INR 15.52 bln, up 45% on yr 
--Kalyan Jewellers: Net added 14 showrooms in India in Jul-Sept 
--Kalyan Jewellers: Jul-Sept same store sales growth in India at 23% 
--Kalyan Jewellers: Jul-Sept same store sales growth in Middle East at 9%  

 

By Ayushman Mishra

 

MUMBAI – Kalyan Jewellers India Ltd. Wednesday reported a consolidated net profit of INR 1.31 billion for the September quarter, slightly lower than INR 1.35 billion in the year-ago quarter. The jeweller's cost of materials consumed in the quarter rose 36% on year to INR 53.74 billion. Other expenses were at INR 2.68 billion, up 60% on year. 

 

The company reported a consolidated top line of INR 60.65 billion for Jul-Sept, up 37% on year. The company's advertising expenses during the quarter more than doubled to INR 978.79 million from INR 455.08 million a year ago. Sales promotion expenses were at INR 220.26 million, up 26% on year. 

 

For Apr-Sept, Kalyan Jewellers reported a consolidated net profit of INR 3.08 billion, up 10.5% on year. The consolidated revenue for the period was INR 116.01 billion, up 32% on year.

 

The company incurred a one-time loss of INR 690 million in Jul-Sept due to the reduction in customs duty on gold announced in the Budget in July. Kalyan Jeweller's India operations contributed INR 99.14 billion to the total revenue in Apr-Sept, up 34% on year. The company's operations in West Asia contributed INR 16.11 billion to the total revenue in Apr-Sept, a growth of 21% on year.

 

Although the electronic commerce division of the company, Candere, recorded revenue growth of 21% on year at INR 800 million for Apr-Sept, its loss widened 25% on year to INR 60 million. The company recorded same-store sales growth of over 20% on year in the festival season.

 

"We are upbeat about the ongoing wedding season across the country and hope to end the calendar year on a very strong note," Executive Director Ramesh Kalyanaraman said. 

 

In the latest quarter, the south region reported sales of INR 26.71 billion, up 31% on year. The non-south region in the latest quarter reported sales of INR 25.56 billion, up 49% on year.

 

The earnings before interest, taxes, depreciation and amortisation of the company in the latest quarter was INR 3.27 billion, up 4% on year. The EBIT margin of the company was 4%, down from 5.6% a year ago. The gross profit margin of the company in the September quarter fell to 12.6% from 14.3% in the year-ago quarter. A higher share in revenue from franchised showrooms led to an overall fall in gross margin and EBITDA margin in the latest quarter, the company said. 

 

The south region in Jul-Sept recorded same-store sales growth of 25% on year and the non-south region recorded same-store sales growth of 21% on year. In India, the revenue from gold in Jul-Sept was INR 36.12 billion, up 38% on year, while revenue from the studded segment was INR 15.52 billion, up 45% on year. 

 

The Middle East operations of the company reported revenue of INR 8 billion, up 27% on year with a same-store sales growth of 9% on year. The total number of showrooms of the company in the Middle East in the September quarter was 36.

 

The EBITDA from the Middle East operations of the company in Jul-Sept was INR 606 million, up 26% on year. The EBIT margin from the Middle East operations in the latest quarter was 5.4%, marginally up from 5.2% a year ago. The gross profit margin from the Middle East operations of the company in the September quarter fell marginally to 14.5% from 14.7% in the year-ago quarter. The company relaunched three showrooms in the region, which weighed on its advertising and promotion spending in the latest quarter. A higher share in the revenue from the franchise-owned-company-operated showrooms resulted in a marginal impact on gross margins in the September quarter, the company said.  

 

The company net added 14 showrooms in India in the latest quarter. The company's India revenue grew 39% in the September quarter, primarily driven by healthy same-store sales growth of 23%, the company said. Shares of the company, which rose initially, fell through the rest of the session and closed down 4.8% at INR 670.45 on the National Stock Exchange.  End 

 

Edited by Avishek Dutta and Saji George Titus

 

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