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Kalyan Jewellers India Limited Q1 FY23 Result Updates. Robust growth in revenue; PAT at Rs. 108 crores.

Kalyan Jewellers India Limited Q1 FY23 Result Updates.

 

Kalyan Jewellers India Limited Q1 FY23 Result Updates.
Robust growth in revenue; PAT at Rs. 108 crores.

Kalyan Jewellers India Limited reported a consolidated net profit of Rs. 108 crores as compared to a loss of Rs. 51 crores in Q1 FY22.
The Company recorded consolidated revenue of Rs 3,333 crores for Q1FY23, a growth of 104% as compared to Rs 1,637 crores in the corresponding quarter of the previous year.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was recorded at Rs 264 crores, a growth of 283% as compared to Rs 69 crores in the same quarter of the previous year. Aided by industry tailwinds and strong execution, Kalyan’s business has seen a significant acceleration in scale, growth and profitability.
Standalone revenue for the Company (India) was at Rs 2,719 crores, a growth of 113% as compared to Rs 1,274 crores in Q1 of the previous year. EBITDA in India was Rs 218 crores for the quarter, a growth of 336% as compared to Rs 50 crores in the same quarter of the previous year. PAT in India for the quarter was Rs 95 crores, as compared to a loss of Rs 43 crores in the corresponding quarter of the previous year. There is a improvement in gross margin and EBITDA margin YoY and QoQ driven largely by higher share of revenue from nonsouth markets and higher share of studded revenue.
The e-commerce division, Candere, recorded a revenue of Rs 44 crores for the quarter versus Rs 24 crores in the corresponding quarter of the previous year. The quarter recorded a loss of Rs 1.2 crores as against a profit of Rs 31 lakhs for the corresponding quarter of the previous year.
Robust momentum continues across geographies driven by rise in footfalls and market share. While non-south outpaced south revenue YoY, the base period not strictly comparable. South share at 65% compared to 70% YoY. Studded growth outpaced gold driven by higher share of revenue from the non-south markets. 24% studded share compared to 20% YoY and broadly similar QoQ.

Strong revenue momentum in the Middle East driven by overall recovery in economic activity in the region and return of tourist traffic.

In the Middle East, total revenue from operations during Q1FY23 was at Rs 574 crores as against Rs 340 crores in Q1 of the previous year. The Middle East region contributed 17% to the overall consolidated revenue of the Company. The Middle East operations recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs 47 crores for the quarter, a growth of 161% compared to Rs 18 crores in the same quarter of the previous year. PAT for the quarter was at Rs 14 crores compared to a loss of Rs 9 crores in the corresponding quarter of the previous year. 69% revenue growth compared to Q1FY22 largely SSSG driven as only 1 showroom was opened in the last 12 months. GP margin settling at 15.5% due to higher share of revenue from tourists (lower margin products)

Kalyan’s retail expansion continued in the recently concluded 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 Q1 of this year.
The shares of Kalyan Jewellers India Ltd are currently trading at Rs. 71.30, up by 1.42%.

Valuations:

The return on equity (ROE) is 7.51% for the quarter ended June 2022. The price-to-earning (P/E) ratio stood at 19.2. The return on capital employed (ROCE) for the company is 9.29%. The price to book value of Kalyan Jewellers India Ltd is 2.36. The EV/EBITDA is 10.1.

 

 

 

 

 

 

 

 

 

 

 

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