Thrissur: Kalyan Jewellers India Limited’s consolidated revenue grew by 109% in Q1FY22 compared to Q1FY21. The growth is primarily driven by robust sales momentum across stores both prior to and post lockdowns in the recently concluded quarter, as well as a low base in the last financial year. While the India revenue grew by 94%, Middle East growth was 183%.

Total revenue for the quarter was Rs 1,637 Cr, compared to a total revenue of Rs 782 Cr for the same period during the previous financial year. At a consolidated level, the company recorded Earnings Before Interest and Tax (EBIT) of Rs. 11 crores for the quarter compared to Rs. 68 lakhs in the same quarter of the previous year. The consolidated loss for the quarter was Rs 51 Cr as against Rs 86 Cr in Q1FY21.

Following the second wave of COVID-19, most stores remained closed during the month of May. In June, Kalyan witnessed strong momentum in the stores that were open. The company recorded a 68% same store sales growth (excluding revenue from gold savings schemes) for June 2021 as compared to the prior year, adjusted for store operational days in both periods.  

In the Middle East, almost all the showrooms remained operational through the recently concluded quarter and the region witnessed a strong recovery in April.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “The outcome of the first quarter has been above our expectations and we are happy with the overall performance,”.