Kalyan Jewellers India has posted a 3.3% decline in consolidated net profit to INR 130.32 crore for the second quarter (Q2) ended September 2024. The decline is attributed to the reduction in customs duty in India during the period.
Kalyan Jewellers registers 37% surge in operational revenue
According to a regulatory filing, the company’s net profit stood at INR 134.87 crore in the same period last year. However, revenue from operations surged 37.3% to INR 6,065.48 crore in Q2 FY25, compared to INR 4,414.53 crore in Q2 FY24.
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Total expenses also increased to INR 5,913.53 crore in Q2 FY25, from INR 4,249.52 crore in Q2 FY24. The company’s e-commerce division, Candere, reported revenue of INR 80 crore in H1 FY25, up from INR 66 crore in H1 FY24.
Meanwhile, Ramesh Kalyanaraman, executive director of Kalyan Jewellers, expressed optimism about the company’s performance. “We are extremely excited with the way the current year has progressed thus far, despite volatile gold prices and the ongoing quarter is also witnessing robust footfalls.”
Recorded same-store sales growth (SSSG) in excess of 20% – Director Kalyan
Further he added, “We recorded same-store sales growth (SSSG) in excess of 20% for the Diwali minus 30 days period when compared to the base year. We are upbeat about the ongoing wedding season across the country and hope to end the calendar year on a very strong note.”
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Notably, Kalyan Jewellers’ Q2 performance reflects the company’s resilience amidst challenging market conditions. The jewellery retailer’s focus on expanding its customer base and improving operational efficiency is expected to drive growth in the coming quarters.
The company’s shares will likely be watched closely by investors, given its robust revenue growth and positive outlook for the ongoing wedding season.
