Profit before tax for the quarter was at Rs 178.14 crore, registering a growth of 26.86% from Rs 140.42 crore posted in Q2 FY23.

EBITDA grew by 18% year on year to Rs 313.7 crore during the quarter. EBITDA margin reduced to 7.1% in Q2 FY24 as compared to 7.7% reported in the same period a year ago.

On standalone basis, revenue of the company (India business) in Q2 FY24 was at Rs 3,754.32 crore, registering a growth of 32.15% as against Rs 2,840.93 crore in Q2 FY23.

The India operations recorded PAT of Rs 125.53 crore for the quarter, up 31.93% from Rs 95.15 crore in the corresponding quarter previous year.

Total revenue from the Middle East operations during Q2 FY24 was Rs 629 crore as against Rs 601 crore in Q2 of the previous financial year, recording a growth of around 5%. The Middle East operations recorded PAT of Rs 12 crore for the quarter, down 14.29% as compared to a PAT of Rs 14 crore for the corresponding period in the previous year.

The e-commerce division, Candere, recorded a revenue of Rs 31 crore in Q2 FY24, sliding 16.22% as against Rs 37 crore in Q2 FY23. The company recorded a loss of Rs 2.5 Cr in Q2 FY24 as against a loss of Rs 3 crore reported in the same period last year.

Ramesh Kalyanaraman, executive director, Kalyan Jewellers India, said, “Revenue growth for the first half of the current financial year was around 29%. We are extremely excited with the way the festive quarter has progressed thus far despite higher number of Shradh days and volatile gold prices. We have witnessed revenue growth of about 35% for the current quarter till 12th of November when compared to the same period during the prior year.”

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 shed 0.80% to Rs 334.30 on the BSE.