Profit before tax for the quarter was at Rs 188.46 crore, registering a growth of 32.89% from Rs 141.82 crore posted in Q1 FY23.

On standalone basis, revenue of the company (India business) in Q1 FY24 was at Rs 3,641 crore, registering a growth of 34% as against Rs 2,719 crore in Q1 of the previous financial year.

The India operations recorded PAT of Rs 129 crore for the quarter, up 35% from Rs 95 crore in the corresponding quarter previous year.

Total revenue from the Middle East operations during Q1 FY24 stood at Rs 700 crore as against Rs 574 crore in Q1 FY23, reporting a growth of 22%. The Middle East operations recorded PAT of approximately Rs 17 crore for the quarter, rising 24% compared to a PAT of around Rs 14 crore in Q1 FY23.

The Middle East region contributed around 16% to the overall consolidated revenue of the company.

The e-commerce division, Candere, recorded a revenue of Rs 34 crore for the quarter, sliding 22.73% from Rs 44 crore reported in the same period a year ago. The quarter recorded a loss of Rs 2.2 crore as against a loss of Rs 1.2 crore for the corresponding quarter previous year.

Ramesh Kalyanaraman, executive director, Kalyan Jewellers India, said, “The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East over the past several quarters. We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country.”

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