Kalyan Jewelers' financial performance in the second quarter was excellent, company's profit increased along with revenue

Jewelry retailer Kalyan Jewelers announced its second-quarter results on Tuesday i.e. 14 November 2023. During the quarter, the company's profit after tax (PAT) registered an annual increase of 27.33 percent to Rs 134.87 crore.

The company's PAT stood at Rs 105.92 crore in the corresponding period of the previous financial year, Kalyan Jewelers said in a regulatory filing.

The company's revenue from operations during the second quarter increased by 27.11 percent to Rs 4,414.53 crore from Rs 3,472.91 crore in the same period last fiscal. Total revenue from the company's Middle East operations during Q2FY2014 was Rs 629 crore as against Rs 601 crore in the same period last fiscal, a growth of 5 percent.

The company's PAT for this quarter was Rs 12 crore, whereas, in the same period last year, it was Rs 14 crore, which is 14.28 percent less.

The company's e-commerce division Candere reported revenue of Rs 31 crore in Q2FY24 compared to Rs 37 crore in the same period of FY23, a decline of 16.21 percent.

Ramesh Kalyanaraman, executive director, of Kalyan Jewelers India, said, “It has been a fantastic year so far. Revenue growth in the first half of the current financial year was 29 percent. We are extremely encouraged by the way the festive quarter has progressed so far despite the high number of Shraddha days and the volatility in gold. We have seen a revenue growth of 35 percent in the current quarter till November 12 as compared to the same period last year.”