Earnings Review
Kalyan Jewellers Oct-Dec PAT up 21% as top line surges 40%
This story was originally published at 20:12 IST on 30 January 2025
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--Kalyan Jewellers Oct-Dec consol PAT INR 2.19 bln vs INR 1.81 bln year ago
--Kalyan Jewellers Oct-Dec consol revenue INR 72.87 bln vs INR 52.23 bln
--Kalyan Jewellers Apr-Dec consol PAT INR 5.27 bln vs INR 4.60 bln year ago
--Kalyan Jewellers Apr-Dec consol revenue INR 188.88 bln vs INR 140.13 bln
--Kalyan JewellersOct-Dec cost of materials INR 63.53 bln vs INR 48.52 bln
--Kalyan Jewellers: Oct-Dec India revenue INR 63.93 bln, up 42% on year
--Kalyan Jewellers Oct-Dec West Asia revenue INR 8.40 bln, up 23% on year
--Kalyan Jewellers Candere Oct-Dec sales INR 550 mln vs INR 290 mln yr ago
--Kalyan Jewellers Candere Oct-Dec loss INR 69 mln vs INR 16 mln loss yr ago
--Kalyan Jewellers: On track to add 30 Kalyan showrooms in India in Jan-Mar
--Kalyan Jewellers: On track to add 15 Candere showrooms in India in Jan-Mar
--Kalyan Jewellers Oct-Dec consol EBITDA INR 4.39 bln vs INR 3.70 bln yr ago
--Kalyan Jewellers Oct-Dec consol EBITDA margin 6.0% vs 7.1% year ago
--Kalyan Jewellers Oct-Dec consol EBIT INR 3.50 bln vs INR 3.00 bln yr ago
--Kalyan Jewellers Oct-Dec consol EBIT margin 4.8% vs 5.7% year ago
--Kalyan Jewellers Oct-Dec India gold revenue INR 44.06 bln, up 37% on year
--Kalyan Jewellers Oct-Dec India studded sales INR 18.84 bln, up 54% on year
By Kabir Sharma
MUMBAI – A 40% surge in the top line resulted in Kalyan Jewellers India Ltd. reporting a 21% jump in consolidated net profit for the December quarter. The Kerala-based jewellery retailer reported a net profit of INR 2.19 billion for the quarter, up from INR 1.81 billion a year ago.
The company's revenue rose to INR 72.87 billion for the December quarter, from INR 52.23 billion for the same quarter of the previous financial year. Revenue from India operations rose 42% on year to INR 63.93 billion in the reporting quarter. The rise in revenue was supported by robust same-store sales growth, which rose 23% for south India and 25% for other regions in the country. Revenue from south India rose 35% on year to INR 27.98 billion. Revenue from the rest of the country rose 48% on year to INR 35.95 billion.
Revenue from gold, which has the lion's share in the jeweller's sales, rose 37% on year to INR 44.06 billion in the December quarter. Studded jewellery revenue rose faster than gold, rising 54% on year to INR 18.84 billion. The company added 24 new showrooms in India during the quarter, slightly more than the 22 showrooms added in the year-ago quarter.
The company's revenue from west Asia rose 23% on year to INR 8.40 billion in the December quarter. The consolidated earnings before interest, taxes, depreciation, and amortisation rose 19% on year to INR 4.39 billion in the quarter. The company said its earnings in the quarter were impacted by the recent introduction of corporation tax in the United Arab Emirates.
Consolidated earnings before interest and taxes rose to INR 3.50 billion in the reporting quarter from INR 3.00 billion a year ago. The company's EBIT margin fell by 90 basis points to 4.8% in the quarter from 5.7% a year ago.
The losses for Candere, Kalyan Jewellers' digital-first platform, rose to INR 69 million in the December quarter from INR 16 million a year ago. The platform has reported a revenue of INR 1.72 billion in the last 12 months, the investor presentation showed.
The cost of materials consumed—-the core expense of the company—-rose 31% on year to INR 63.53 billion in the December quarter. Expenditure on advertisements and promotions rose 16% on year to INR 1.37 billion for the quarter. A change in inventories of finished goods and work-in-progress, which had added INR 3.91 billion to the company's bottom line in the December quarter of the previous financial year, resulted in an expense of INR 343.08 million in the reporting quarter.
For the nine months ended December, the jeweller reported a 15% rise in net profit to INR 5.27 billion. Revenue in the nine months rose 35% on year to INR 188.88 billion.
Shares of the company have fallen over 34% since it declared its earnings for the Jul-Sept quarter, as net profit for the quarter fell 3.4% on year and 25.1% on quarter to INR 1.30 billion. On Thursday, shares of the company ended 1.8% lower at INR 440.65 on the National Stock Exchange. The earnings were released after market hours. End
Edited by Rajeev Pai
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