Kalyan Jewellers Q4 net profit down 2 percent at Rs 72 crore

By

Maverick Martins

Published
May 17, 2022

Jewellery retailer Kalyan Jewellers reported a 2 percent decline in consolidated profit after tax at Rs 72 crore ($9.8 million) for the fourth quarter ended March 31, as against Rs 74 crore it reported in the year-ago period.

The company’s revenue for the quarter was down by 7 percent to Rs 2,857 crore, as against Rs 3,057 crore in the corresponding quarter of the previous year.

For the full financial year 2021-22, the company posted a profit of Rs 224 crore while its revenue stood at Rs10,818 crore.

Commenting on the results, Ramesh Kalyanaraman, executive director of Kalyan Jewellers in a statement said, “The fourth quarter started with a very high base and faced disruptions to showroom operations during the first half of the quarter due to Omicron-driven wave. The quarter also saw extreme volatility in gold prices driven by the geo-political situation in Ukraine and its related impact on demand. We ended the quarter with a marginal de-growth but as a team we are very satisfied with the outcome.”

“We witnessed significant growth not just in terms of value but footfalls as well. April and the first week of May have been very encouraging both in India as well as the Middle East and are in line with our plan for the current year,” he added.

Kalyan Jewellers is one of the world’s largest jewellery retailers with retail footprint in India and four countries in the Middle East.