Kalyan Jewellers witnessed a remarkable surge in its profits for the fourth quarter of fiscal year 2024, with its Profit After Tax (PAT) soaring by a staggering 97% Year-on-Year (YoY) to Rs 138 crore. The company’s consolidated net profit also saw a substantial jump of 96.3% to reach Rs 137.59 crore. This surge was supported by a notable 34.09% increase in revenue from operations, which stood at Rs 4,534.93 crore during Q4 FY24 compared to the same period in the previous fiscal year.
Profit before tax (PBT) for the quarter reached Rs 183.67 crore, marking an impressive growth of 93.97% from Rs 94.69 crore recorded in Q4 FY23. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at Rs 306.2 crore, reflecting a growth of 19% compared to Q4 FY23. However, the EBITDA margin contracted slightly to 6.8% in Q4 FY24 from 7.6% in Q4 FY23.
In Q4 FY24, the company’s Middle East operations reported total revenue of Rs 624.5 crore, a 13.83% increase from the same quarter in the previous year. The region also recorded a PAT of Rs 9.9 crore for the quarter, marking a 76% increase YoY. On a standalone basis, the company’s revenue from India business reached Rs 3,875.6 crore, a growth of 38.14% from Q4 FY23. The India operations also witnessed a significant rise in PAT to Rs 131.3 crore, up by 98.63% from the corresponding period in the previous year.
During the quarter, Kalyan Jewellers expanded its footprint by launching 10 Kalyan showrooms and 7 Candere showrooms in India, bringing the total number of showrooms across India and the Middle East to 270 as of May 10, 2024.
On a full-year basis, the company’s net profit surged by 38.06% to Rs 596.28 crore, supported by a 31.82% increase in revenue from operations, which reached Rs 18,548.28 crore in FY24 over FY23.
The board of Kalyan Jewellers recommended a final dividend of Rs 1.20 per share for the financial year 2023-24, subject to the approval of the shareholders. Headquartered in Kerala, Kalyan Jewellers is one of the largest jewellery retailers in India with a significant presence in the Middle East.
However, despite the positive financial performance, shares of Kalyan Jewellers India witnessed a decline of 2.97% to Rs 398.65 on the BSE.