Kalyan Jewellers India Ltd Share Price – NSE /  BSE

Diamond, Gems and Jewellery, Mid Cap

Net profit of Kalyan Jewellers India declined 3.43% to Rs 130.61 crore in the quarter ended September 2024 as against Rs 135.25 crore during the previous quarter ended September 2023. Sales rose 37.40% to Rs 6065.48 crore in the quarter ended September 2024 as against Rs 4414.54 crore during the previous quarter ended September 2023.

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There was a one-time loss of Rs 69 crore due to reduction in customs duty in India during Q2 FY25, stated the firm.

Revenue from operations increased 37.4% YoY to Rs 6,065.48 crore in the quarter ended 30 September 2024.

Profit before tax (PBT) stood at Rs 177.95 crore in September 2024 quarter, up 0.11% YoY.

EBITDA stood at Rs 327.2 core in second quarter of FY25, registering a growth of 4% as compared with Rs 313.7 crore posted in corresponding quarter last year. EBITDA margin stood at 5.4% in Q2 FY25 as against 7.1% in Q2 FY24.

In terms of geography, total revenue from India jumped 39% YoY to Rs 5,226.8 crore during the quarter, driven majorly by healthy same store sales growth (SSSG) of 23% on YoY basis. During the quarter, 15 new showrooms added in India.

Revenue from Middle East region increased 27% YoY to Rs 800.4 crore in Q2 FY25. Same-store-sales-growth (SSSG) was 9% while No. of showrooms increased to 36 in during the quarter as against 34 showrooms in Q1 FY24.

The firm reported 10.47% increase in consolidated net profit to Rs 308.37 crore on 31.97% rise in revenue from operations to Rs 11,600.96 crore in H1 FY25 over.

Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.

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Kalyan Jewellers India will hold a meeting of the Board of Directors of the Company on 13 November 2024.

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The revenue growth was mainly driven by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23%.

The growth was also attributed this to the reduction in customs duty on gold imports announced in the Union Budget, which led to significantly higher footfalls from the end of July through August. This increase in demand mostly offsets the typically quieter sales period during the 14-day Shradh season. In contrast, the base year only included two days of Shradh in the second quarter.

In Q2 FY25, the company has recorded a consolidated revenue growth of approximately 37% as compared to the same period a year ago.

During the quarter, the firm launched 15 Kalyan franchisee-owned-company-operated ‘FOCO’ showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open over the course of October in line with our previously communicated guidance, it added.

In the Middle East, the jewellery retailer witnessed a revenue growth of approximately 24% when compared to the same period in the previous financial year. Middle East contributed 13% to its consolidated revenue for the recently concluded quarter.

The company’s digital-first jewellery platform, Candere, recorded a revenue growth of approximately 30% during the recently concluded quarter as compared to the same period during the last year. The company has launched 12 Candere showrooms during Q2 FY25.

During the quarter, Kalyan Jewellers has launched 26 net showrooms across Kalyan and Candere formats taking the total number of showrooms as on 30 September 2024 to 303 (Kalyan India – 231, Kalyan Middle East – 36, Candere – 36).

“As part of the previously communicated plan of launching 130 and more new showrooms during the current financial year, in addition to the 51 showrooms already opened, we have drawn up plans to launch another 25 Kalyan showrooms in India, 18 Candere showrooms and the first showroom in the U.S. by Diwali. The festive season has just started and we are gearing up with showroom launches, fresh collections and campaigns,” Kalyan Jewllers stated in the press release.

Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.

The company’s consolidated net profit jumped 23.69% to Rs 1775.58 crore in Q1 FY25 as compared with Rs 1,435.52 crore posted in Q1 FY24. Revenue from operations increased 26.5% YoY to Rs 55,354.79 crore in Q1 FY25.

Shares of Kalyan Jewellers India slipped 3.75% to Rs 686 on the BSE.

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