Profit before tax increased 10.75% to Rs 194.57 crore in Q3 FY23 from as against Rs 175.69 crore posted in Q3 FY22. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at Rs 327 crore in Q3 FY23 as compared to Rs 299 crore recorded in the same quarter previous year, registering a growth of 9.36%. On standalone basis, revenue of the company (India business) was at Rs 3,219 crore, recording a growth of 12% from Rs 2,880 crore reported in Q3 of the previous year. EBITDA in India was at Rs 276 crore for the quarter, rising 9.09% from Rs 253 crore posted in the same quarter previous year. PAT in India rose 12.71% to Rs 95 crore in Q3 FY23 as compared to Rs 118 crore recorded in the corresponding quarter previous year.

The e-commerce division, Candere, recorded revenue of Rs 44 crore during the quarter as against Rs 47 crore in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.7 crore as against a profit of Rs 26 lakh for the corresponding quarter of the previous year.

In the Middle East, total revenue from operations during Q3 FY23 was at Rs 641 crore as against Rs 515 crore in Q3 of the previous year, a growth of 24%. The Middle East region contributed approximately 16.5% to the overall consolidated revenue of the company. The Middle East operations recorded EBITDA of Rs 52 crore for the quarter, a growth of 13.04% from Rs 46 crore in Q3 FY22. PAT for the quarter was at Rs 17 crore as compared to PAT of Rs 16 crore in the corresponding quarter previous year.

The company has launched 6 new showrooms, all in the non-South markets in India. This includes the launch of the second physical store of its e-commerce platform - Candere. As of 31 December 2022, Kalyan Jewellers' store network across India and the Middle East stood at 169.

Ramesh Kalyanaraman, executive director of Kalyan Jewellers India said, “We are seeing robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite continued spike in gold price. During the recently concluded quarter we announced our plans to open 52 showrooms during the calendar year 2023. As part of this strategy, we have invested significant amount of time and effort over the last 3-4 months in building our internal resources. We have hired approximately 900 personnel largely for the [20+] showrooms we plan to launch before Akshaya Tritiya – highest employee addition in a quarter in the history of the company so far”

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

Shares of Kalyan Jewellers India fell 1.25% to Rs 118.45 on the BSE.