Jewellery retailer Kalyan Jewellers India Ltd reported a 24 percent increase in net profit to Rs 178 crore ($21.2 million) for the April-June quarter, as against Rs 144 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 27 percent to Rs 5,535 crore, as against Rs 4,375 crore in the corresponding quarter of the preceding fiscal.
During the quarter, Kalyan’s domestic revenue was Rs 4,687 crore while revenue from the Middle East region was Rs 811 crore.
Commenting on the results, Ramesh Kalyanaraman, executive director of Kalyan Jewellers said, “The quarter was a fantastic one, and we recorded consolidated revenue growth of around 27% and stand-alone India revenue grew by around 29%. We witnessed robust operating performance across all our markets in India and Middle East despite extreme volatility in gold prices and a strong base quarter.”
“We continue to see encouraging trends around the share of new customers, which was more than 35% for the recently concluded quarter. Gross margins at the showroom level improved marginally, driven largely by higher share of studded jewelry in both South and non-South market,” he added.
During the quarter, the company added 13 new showrooms in India. It plans to launch another 35 Kalyan and 20 Candere showrooms before Diwali.
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