Jewellery retailer Kalyan Jewellers India on Thursday reported a consolidated profit after tax (PAT) of ₹107.77 crore for the quarter ended June on the back of robust momentum in both footfalls and revenue across markets.
Kalyan Jewellers had posted a loss of ₹51.30 crore during the corresponding quarter of the previous financial year, the company said in a BSE filing.
Revenue from operations jumped 103.61% during the quarter under review to ₹3,332.63 crore compared to ₹1,636.77 crore in the year-ago period.
Total revenue from operations in the Middle East was at ₹574 crore as against ₹340 crore earlier. The Middle East region contributed 17% to the overall consolidated revenues of the company.
"The recently concluded quarter has been a positive one for us, having witnessed robust momentum in both footfalls and revenue across India and Middle East markets. Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming festive season," Kalyan Jewellers India Executive Director Ramesh Kalyanaraman said.
Meanwhile, the board of directors has appointed Vinod Rai as independent chairman of the board.
Further, the company stated that its retail expansion continued in the June quarter with the launch of four new showrooms - three in non-South markets in India, and one in the Middle East.
As of June 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 158.
"The company launched its first franchised showroom in the first quarter of this year. We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year," Mr. Kalyanaraman added.