Kalyan Jewellers Q4 Results: Net profit falls to ₹71 crore; announces dividend of ₹0.50

Kalyan Jewellers India reported a net profit of ₹71 crore for the fourth quarter of FY23, registering a decline of 1.6% from ₹72 crore in the year-ago quarter.

The company’s consolidated revenue during Q4FY23 increased 18.4% to ₹3,381.8 cr from ₹2,857 crore, YoY

At the operational front, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 17.5% to ₹256.7 crore from ₹218.5 crore, YoY, while EBITDA margin remained flat at 7.6%.

The company’s board has also recommended a final dividend of ₹0.50 per equity share, aggregating to 5% of face value of ₹10 each, for the financial year ended March, 31, 2023, subject to the approval of shareholders.

“We completed an excellent year and have announced our maiden dividend to reward our shareholders. With a strong Akshaya Tritiya, we have had a fantastic start to the current financial year as well,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India.

For FY23, Kalyan Jewellers recorded a consolidated revenue of ₹14,071 crore as against ₹10,818 crore in the previous year, a growth of over 30%. The consolidated PAT for FY23 was ₹432 crore, despite a one-time exceptional pre-tax write off of around ₹33 crore relating to the divestment of certain non-core assets. 

Excluding the write off, Adjusted PAT for the year more than doubled to ₹457 crore, when compared to the previous financial year, the company said.

“We are also witnessing encouraging momentum in consumer demand especially around wedding purchases. We are upbeat about the season and have fully geared up the system to ensure that we have yet another memorable quarter,” Kalyanaraman added.

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Total revenue from the Middle East operations during Q4 FY23 was ₹549 crore as against ₹425 crore in Q4 of the previous financial year, a growth of around 29%. The Middle East operations recorded EBITDA of ₹42 crore for the quarter compared to ₹33 crore in the same quarter of the previous year, a growth of ~27%, the company said in a regulatory filing.

The company's revenue from its e-commerce division Candere fell to ₹32 crore during Q4FY23 from ₹39 crore in Q4FY22. Its loss for the quarter narrowed to ₹1.9 crore from ₹2.7 crore, YoY.

At 2:05 pm, shares of Kalyan Jewellers India were trading 2.53% lower at ₹105.90 apiece on the BSE.

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