Kalyan Jewellers Q1 net loss narrows to Rs 51 crore

By

Maverick Martins

Published
Aug 27, 2021

Jewellery retailer Kalyan Jewellers managed to narrow of its consolidated loss to Rs 51 crore ($7 million) for the quarter ended June, as against a net loss of Rs 86 crore it reported in the year-ago period.
 

The company’s revenue for the quarter grew by 109 percent to Rs 1,637 crore, as compared to Rs 782 crore during the corresponding period of the previous fiscal.
 
Commenting on the Q1 results, Ramesh Kalyanaraman, executive director at Kalyan Jewellers in a statement said: “The outcome of the first quarter has been above our expectations and we are happy with the overall performance. The pace of demand recovery witnessed in the just concluded quarter was higher than what we experienced in Q1FY21, and the momentum in the operational stores was similar and comparable to that in Q4FY21.

"The compulsory hallmarking move by the government will play a significant role in transforming the sector and making it more transparent, while also accelerating the shift from unorganised to organised. The organised players in our sector have significant tailwinds and we are well-positioned to address this opportunity," he added.
 
Kalyan Jewellers added nine new stores in the recently concluded quarter to take its retail footprint to 146 stores spread across 21 states in the country and four countries in the Middle East.