The company's pre-tax profit stood at Rs 141.82 crore in Q1 FY23 as against pre-tax loss of Rs 64.92 crore in Q1 FY22.

Total expense jumped 87.45% YoY to Rs 3,198.69 crore in Q1 FY23. Cost of material consumed stood at Rs 2906.18 crore (up 64.73% YoY) while employee expense stood at Rs 99.16 crore (up 32.66% YoY).

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was recorded at Rs 264 crore, a growth of 283% as against Rs 69 crore 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, recording a consolidated profit after tax in the last twelve months of Rs 383 crores, about 170% higher than pre-COVID (FY20) levels of Rs 142 crore.

On a standalone basis, revenue of the company (India business) was at Rs 2,719 crore, a growth of 113% as compared to Rs 1,274 crore in Q1 of the previous year. EBITDA in India was Rs 218 crore for the quarter, a growth of 336% compared with Rs 50 crore in the same quarter of the previous year. PAT in India for the quarter was Rs 95 crore, as compared to a loss of Rs 43 crore in the corresponding quarter of the previous year.

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.

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 EBITDA of Rs 47 crore for the quarter, a growth of 161% compared to Rs 18 crore in the same quarter of the previous year. PAT for the quarter was at Rs 14 crore compared to a loss of Rs 9 crore in the corresponding quarter of the previous year.

The company launched four new showrooms - three in non-South markets in India, and one in the Middle East. As of 30 June 2022, Kalyan Jewellers' store network across India and the Middle East stood at 158.

Ramesh Kalyanaraman, executive director, Kalyan Jewellers India said, "The recently concluded quarter has been a positive one for Kalyan Jewellers, having witnessed robust momentum in both footfalls and revenue across India and Middle East markets. Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming festive season."

"The Company launched its first franchised showroom in Q1 of this year. We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year. We believe the successful launch of the first set of franchised showrooms will give us the confidence to further enhance the pace of expansion through this significantly more capital efficient and return accretive path," he added.

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