Kalyan Jewellers share price cracks 10% on block deals buzz

Shares of Kalyan Jewellers India plunged more than 10% to ₹105 apiece in Tuesday's early trading session on block deals buzz of 2.74% equity exchaning hands in a large trade. The stock has cracked over 8% in the last five trading sessions.

Around 2.8 crore shares (2.74% equity) worth ₹312 crore have changed hands at an average of ₹108 per share on Tuesday, as per a CNBC-TV18 report. Mint could not independently verify the update.

During the quarter ending December 31, 2022 (Q3 FY23), Kalyan Jewellers India reported an over 10% growth in consolidated profit after tax (PAT) at ₹148 crore. The jewellery retailer's net profit stood at ₹134.5 crore in the October-December quarter of the previous financial year. 

The company recorded a 13% growth in consolidated revenue during the quarter under review at ₹3,884 crore against ₹3,435 crore in the year-ago period. During the recently concluded quarter, the company announced its plans to open 52 showrooms during the calendar year 2023.

"We are seeing a robust momentum in revenue and footfalls across all markets largely driven by the ongoing wedding season demand despite a continued spike in gold price. As part of this strategy, we have invested a significant amount of time and effort over the last 3-4 months in building our internal resources. We have hired about 900 personnel largely for over 20 showrooms we plan to launch before Akshaya Tritiya - highest employee addition in a quarter in the history of the company so far," Kalyan Jewellers India Executive Director Ramesh Kalyanaraman had said in the earnings release.