Profit before tax jumped 24% to Rs 175.6 crore in Q3 FY22 over Q3 FY21. The company recorded EBITDA of Rs 299 crore during Q3 FY22, rising 3.8% from Rs 288 crore posted in the same quarter of the previous year.

In the Middle East, the company said it witnessed a significant improvement in customer sentiment during the quarter, resulting in a revenue growth of 24% when compared to the same quarter in the last financial year. Total revenue from the Middle East operations during Q3 FY22 was at Rs 515 crores as against Rs 417 crores for the same period in the previous year. For the first time since the onset of COVID-19, the majority of company's showrooms recorded revenue higher than pre-COVID levels. The Middle East region contributed 15% to the overall consolidated revenue of the company.

The e-commerce division Candere continued its growth momentum. The revenue for the recently concluded quarter was Rs 47 crore as compared to Rs 34 crores in Q3 FY21, registering a growth of 40%.

Ramesh Kalyanaraman, executive director of Kalyan Jewellers India said, “The overall Q3 performance of the company has been very satisfying, with strong momentum in revenue and footfalls across geographies. At the start of this quarter (Q4), we have witnessed COVID induced weekend lockdowns leading to showroom closures, in some regions. We are also seeing weddings and celebrations being postponed. However, due to its resilient nature, we are expecting demand to bounce back in the subsequent quarters, like we saw in the previous year. We are closely monitoring the on-ground COVID-19 situation, and are committed to ensuring the safety and well being of our customers and staff.”

Kerala-based Kalyan Jewellers is one the largest jewellery retailers in India with presence in the Middle East. Presently, the company's retail footprint is spread across 151 stores in 21 Indian states and 4 countries in the Middle East, with a retail area exceeding 5,00,000 sq. ft.

Shares of Kalyan Jewellers were trading 0.43% lower at Rs 69.35 on BSE.