Kalyan Jewellers India reported a 27.1 per cent rise in its second-quarter profit on Tuesday, helped by rising domestic demand for its ready-to-wear jewellery line and increased traffic at stores ahead of the festive season.
Consolidated net profit rose to Rs 135 crore from Rs 106 crore a year ago for the three months ended on 30 September 2023.
Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32 per cent. Its Middle East operations saw a 5 per cent jump in revenue as Eid holidays drove sales.
“We are extremely excited with the way the festive quarter has progressed thus far,” said Ramesh Kalyanaraman, executive director of Kalyan Jewellers India.
Revenue from operations grew 27 per cent to Rs 4,415 crore, aided by strong demand and as same-store-sales- grew across all key markets, the company said via its quarterly update.
The company also added that it expects to see robust momentum in both footfalls and revenue across all markets for the second half of FY24.
However, gold prices stretched to a record high of Rs 61,845 per 10 grams this year in India, pushing the jeweller’s cost of raw materials up by 20.4 per cent during the quarter.
Kalyan Jewellers’ rivals Tribhovandas Bhimji Zaveri reported a near 65 per cent rise in profit, while Tanishq jewellery brand owner Titan reported a bigger-than-expected second-quarter profit during the quarter.
