Profit before tax soared 52.3% to Rs 140.42 crore in Q2 FY23 from as against Rs 92.2 crore posted in Q2 FY22.

Consolidated Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at Rs 266 crore in Q2 FY23 as compared to Rs 228 crore recorded in the same quarter previous year, registering a growth of 16.67%.

On standalone basis, revenue of the company (India business) was at Rs 2,841 crore, recording a growth of 13.5% from Rs 2,503 crore reported in Q2 of the previous year. The increase in the revenue was driven by strong demand recovery.

EBITDA in India was at Rs 222 crore for the quarter, rising 10.45% from Rs 201 crore posted in the same quarter previous year. PAT in India jumped 39.71% to Rs 95 crore in Q2 FY23 as compared to Rs 68 crore recorded in the corresponding quarter previous year.

The e-commerce division, Candere, recorded a revenue of Rs 37 crore for the quarter versus Rs 32 crore posted in Q2 FY22. The quarter recorded a loss of Rs 3 crore as against a profit of Rs 54 lakh for the corresponding quarter of the previous year.

In the Middle East, total revenue from operations during Q2 FY23 stood at Rs 601 crore, recording a growth of 66.94% as against Rs 360 crore in Q2 of the previous year. The Middle East region contributed approximately 17% to the overall consolidated revenue of the company. The Middle East operations recorded EBITDA of Rs 47 crore for the quarter, a growth of 80.77% from Rs 26 crore in Q2 FY22. PAT for the quarter was at Rs 14 crore as compared to PAT of Rs 35 lakh in the corresponding quarter previous year.

The company launches 5 new showrooms – all in the non-South markets in India. This includes the launch of first physical experience center of its e-commerce platform - Candere. As of 30 September 2022, Kalyan Jewellers' store network across India and the Middle East stood at 163.

Ramesh Kalyanaraman, executive director of Kalyan Jewellers India said, “We are satisfied with the performance during the recently concluded quarter and are extremely excited with the way the current quarter has started despite last year's high base. We have witnessed a revenue growth of approximately 25% for the festive period of 31 days approaching Diwali, when compared to the same period last year and are looking forward to a strong end to the quarter.”

Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.

Shares of Kalyan Jewellers India slipped 3.45% to Rs 103.55 on the BSE.