Kalyan Jewellers net profit rises 24% to Rs177cr for first quarter

KOCHI: On August 1, Kalyan Jewellers reported a 24 per cent year-on-year increase in net profit for the June quarter, reaching Rs177 crore.

In a stock exchange filing, the company stated that its revenue rose by 26.5 per cent year-on-year to Rs5,535.5 crore. For the same period last year, the company’s revenue was Rs4,375.7 crore.

EBITDA

The jewellery retailer’s EBITDA also saw an increase, rising by 16.5 per cent year-on-year to Rs 376.1 crore, compared with Rs322.8 crore in Q1 FY24. However, the margin experienced a slight decline, settling at 6.8 per cent on a year-on-year basis.

In the stock filing made by Kalyan Jewellers today, the company has revealed its plans to convert business of Candere into a wholly-owned subsidiary.

However, the management said this will be effected only after the company increases its stake.

The company said that higher share of revenue came from franchised showrooms leading to lower overall gross margin and EBITDA margin as expected.

277 showrooms

As of June end, 2024, Kalyan Jewellers operated 277 showrooms across its brands. Today (August 1), the Kalyan shares closed 2.54 per cent lower at Rs564.70 on NSE.

Higher share of revenue came from franchised showrooms leading to lower overall gross margin and EBITDA margin as expected.