EBITDA stood at Rs 369.8 crore in Q3 FY24, registering the growth of 13% as compared with Rs 327 crore in Q3 FY23. EBITDA margin contracted to 7.1% in Q3 FY24 as against 8.4% in Q3 FY23.

Total revenue from the Middle East operations during Q3 FY24 was Rs 683 crore as against Rs 641 crore in Q3 of the previous financial year, recording a growth of over 6%. The Middle East operations recorded PAT of approximately Rs 14 crore for the quarter, down 17.64% as compared to a PAT of around Rs 17 crore for the corresponding period in the previous year.

The e-commerce division, Candere, recorded a revenue of approximately Rs 29 crore in Q3 FY24, sliding 34.09% as against around Rs 44 crore in Q3 FY23. The company recorded a loss of Rs 1.6 crore in Q3 FY24 as against a loss of Rs 1.7 crore reported in the same period last year.

On standalone basis, revenue of the company (India business) in Q3 FY24 was at Rs 4,511.67 crore, registering a growth of 40.16% as against Rs 3,218.74 crore in Q3 FY23. The India operations recorded PAT of Rs 168 crore for the quarter, up 26.31% from Rs 133 crore for the corresponding period in the previous year.

Ramesh Kalyanaraman, executive director, Kalyan Jewellers India, said, “It has been a fantastic financial year so far. Performance across all quarters has been excellent. Consolidated revenue growth for the first nine months of the current financial year is around 31% and revenue growth in India is around 36% driven by robust network expansion along with healthy same-store-sales-growth. The ongoing quarter has also started off well and we are looking forward to ending the financial year on a strong note.”

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 were trading lower 5.42% to Rs 348.40 on the BSE.