KALYAN JEWELLERS INDIA LTD ACHIEVED SIGNIFICANT FINANCIAL GROWTH IN THE FISCAL YEAR 22-23
15th May 2023
The company’s consolidated revenue for the year stood at Rs 14,071 crore, displaying a remarkable increase of over 30% compared to the previous year’s revenue of Rs 10,818 crore.
Kalyan Jewellers India Limited achieved significant financial growth in the fiscal year 2022-2023. The company’s consolidated revenue for the year stood at Rs 14,071 crore, displaying a remarkable increase of over 30% compared to the previous year’s revenue of Rs 10,818 crore. Despite incurring a one-time exceptional pre-tax write-off of approximately Rs 33 crore due to divesting certain non-core assets, the company reported a consolidated profit after tax (PAT) of Rs 432 crore for FY23. If we exclude the write-off, the Adjusted PAT for the year more than doubled to Rs 457 crore, demonstrating substantial growth compared to the previous financial year.
In the fourth quarter of FY23, Kalyan Jewellers recorded a consolidated revenue of Rs 3,382 crore, marking a growth of around 18% in comparison to the corresponding quarter of the previous year, which had a revenue of Rs 2,857 crore. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 FY23 amounted to Rs 257 crore, showing an increase of approximately 18% from the same quarter of the previous year, which had an EBITDA of Rs 218 crore. The consolidated Adjusted PAT for the quarter reached around Rs 95 crore, surpassing the PAT of Rs 72 crore in the same period of the previous financial year by over 30%.
Regarding the company’s standalone operations in India, the revenue for Q4 FY23 reached Rs 2,805 crore, exhibiting a growth of around 17% compared to Rs 2,399 crore in Q4 of the previous financial year. The India operations’ EBITDA for the quarter amounted to Rs 217 crore, indicating a growth of around 15% from the same quarter of the previous year, which had an EBITDA of Rs 188 crore. The Adjusted PAT for the quarter in India was Rs 91 crore, displaying a growth of around 30% compared to the PAT of Rs 70 crore in the corresponding quarter of the previous year.
The Middle East operations contributed significantly to Kalyan Jewellers’ overall consolidated revenue, accounting for approximately 16%. In Q4 FY23, the company generated a total revenue of Rs 549 crore from the Middle East region, showcasing a growth of around 29% compared to Rs 425 crore in Q4 of the previous financial year. The Middle East operations’ EBITDA for the quarter amounted to Rs 42 crore, indicating a growth of around 27% from the same quarter of the previous year, which had an EBITDA of Rs 33 crore. The PAT for the quarter in the Middle East region reached Rs 5.6 crore, displaying a growth of around 30% compared to the PAT of Rs 4.3 crore in the corresponding quarter of the previous year.
In summary, Kalyan Jewellers India Limited experienced substantial growth in its consolidated revenue, Adjusted PAT, and operational performance in both its Indian and Middle East operations during FY23 and Q4 FY23, reflecting the company’s successful financial performance and expansion efforts.
During the quarter, the e-commerce division of Kalyan Jewellers, Candere, reported a revenue of Rs 32 crore, compared to Rs 39 crore in the corresponding quarter of the previous year. However, the division incurred a loss of Rs 1.9 crore for the quarter, which showed an improvement from the loss of Rs 2.7 crore in the corresponding quarter of the previous year.
Mr. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India Limited, expressed satisfaction with the company’s performance, stating that they had completed an excellent year and announced their first dividend to reward shareholders. He mentioned a strong start to the current financial year, driven by a successful Akshaya Tritiya festival, and highlighted the encouraging momentum in consumer demand, particularly for wedding purchases. Mr. Kalyanaraman expressed optimism about the upcoming season and assured that the company was fully prepared to deliver another memorable quarter.
Mr Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We completed an excellent year and have announced our maiden dividend to reward our shareholders. With a strong Akshaya Tritiya, we have had a fantastic start to the current financial year as well. We are also witnessing encouraging momentum in consumer demand especially around wedding purchases. We are upbeat about the season and have fully geared up the system to ensure that we have yet another memorable quarter.”
Kalyan Jewellers, headquartered in Thrissur, Kerala, is one of the largest jewelry retailers in India and also has a presence in the Middle East. With over three decades of experience in the Indian market, the company has established itself as a leader in quality, transparency, pricing, and innovation. Kalyan Jewellers offers a wide range of traditional and contemporary jewelry designs in gold, diamonds, and precious stones, catering to the diverse preferences of customers. The company operates 182 showrooms across India and the Middle East, with a combined retail area exceeding 6,11,000 sq. ft.
