Kalyan Jewellers India Limited recorded a consolidated PAT growth of 16% and a revenue growth of 17% over the same quarter of the previous year.

Total revenue for the quarter was Rs. 3435 crore, compared to a total revenue of Rs. 2936 crore for the same period during the last financial year. The company recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs. 299 crore during Q3 FY22, compared to Rs. 288 crore in the same quarter of the previous year.

Consolidated PAT for the quarter was Rs. 135 crore, as against a PAT of Rs. 115 crore in Q3 FY21.

The revenue growth from the India business was approximately 15% during the recently concluded quarter, when compared to the same period of the last financial year. Total standalone revenue for the company (India), was Rs. 2880 crore, as against Rs. 2497 crore in Q3 of the last financial year.

The India operations recorded an EBITDA of Rs. 253 crore for the quarter, compared to Rs. 247 crore in the same quarter of the previous year.

There were certain one-time expenses comprising showroom write offs due to relocation and a one-time bonus to employees, totalling Rs. 8 crore. Normalizing this, the standalone India EBITDA growth would have been 5%. Standalone PAT from the India operations during Q3 FY22 stands at Rs. 118 crore as against Rs. 94 crore in Q3 FY21.

In the Middle East, Kalyan witnessed a significant improvement in customer sentiment during the quarter, resulting in a revenue growth of 24%, when compared to the same quarter of the last financial year. Total revenue from the Middle East operations during Q3 FY22 was at Rs. 515 crore, as against Rs. 417 crore for the same period of the previous year.

For the first time since the onset of COVID-19, the majority of the company’s showrooms in the region recorded revenue higher than pre-COVID levels.

The Middle East region accounted for 15% of the overall consolidated revenue of the company. The Middle East operations recorded an EBITDA of Rs. 46 crore for the quarter, compared to Rs. 31 crore in the same quarter of the previous year. PAT for the quarter was at Rs. 16 crore compared to a profit of Rs. 12 crore in Q3 FY21.

The e-commerce division, Candere, has also done well. The revenue for the recently concluded quarter was Rs. 47 crore, versus Rs. 34 crore in Q3-FY21, a growth of 40%. The PAT was Rs. 26 lakh, compared to a PAT of Rs. 2.70 crore during the same period of the last financial year.

Presently, the company's retail footprint is spread across 151 stores in 21 Indian states and four countries in the Middle East, with a retail area exceeding 5,00,000 sq. ft.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited, said, “The overall Q-3 performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter (Q4), we have witnessed COVID induced weekend lockdowns leading to showroom closures, in some regions. We are also seeing weddings and celebrations being postponed. However, due to its resilient nature, we are expecting demand to bounce back in the subsequent quarters, like we saw in the previous year. We are closely monitoring the on-ground COVID-19 situation, and are committed to ensuring the safety and well-being of our customers and staff.”