Kalyan Jewellers Q3 net profit rises 10 percent to Rs 148 crore

By

Maverick Martins

Published
Feb 7, 2023

Kalyan Jewellers India reported a 10 percent rise in consolidated net profit to Rs 148 crore ($17.9 million) during the quarter ending December 2022, as against Rs 134 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 13 percent to Rs 3,884 crore, as against Rs 3,435 crore reported in the corresponding period of the previous fiscal year.

The e-commerce division, Candere, recorded a revenue of Rs 44 crore for the quarter while revenue from the Middle East stood at Rs 641 crore.

Commenting on the results, Ramesh Kalyanaraman, executive director at Kalyan Jewellers India in a statement said, “We are seeing a robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite a continued spike in gold price.”

“As part of this strategy, we have invested a significant amount of time and effort over the last 3-4 months in building our internal resources. We have hired about 900 personnel largely for over 20 showrooms we plan to launch before Akshaya Tritiya - highest employee addition in a quarter in the history of the company so far," Kalyanaraman added.

During the quarter, Kalyan Jewellers stated that it will open 52 showrooms during the calendar year 2023.