Kalyan Jewellers Q1 consolidated loss narrows to Rs 51 crore

Jewellery retailer Kalyan Jewellers on Tuesday reported a narrowing of its consolidated loss to Rs 51.30 crore for the quarter ended June.

The consolidated loss of the company stood at Rs 85.87 crore during the corresponding quarter of 2020-21, Kalyan Jewellers said in a regulatory filing.

Revenue from operations of the company witnessed a growth of 109.19 per cent during the quarter under review at Rs 1,636.77 crore, compared to Rs 782.40 crore during the corresponding period of the previous fiscal.

The company said the growth in revenue was 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 per cent, the Middle East growth was 183 per cent, it added.

"The outcome of the first quarter has been above our expectations and we are happy with the overall performance. The pace of demand recovery witnessed in the just concluded quarter was higher than what we experienced in Q1FY21, and the momentum in the stores that were operational was similar and comparable to that in Q4FY21," Kalyan Jewellers India Executive Director Ramesh Kalyanaraman said in a statement.

The compulsory hallmarking move by the government will play a significant role in transforming the sector and making it more transparent, while also accelerating the shift from unorganised to organised, he noted.

"The organised players in our sector have significant tailwinds and we are well positioned to address this opportunity," he added.

The company's retail footprint is spread across 146 stores in 21 states in the country and four countries in the Middle East.

Kalyan Jewellers added nine new stores in the recently concluded quarter - four in Tamil Nadu, three in Telangana and one each in Gujarat and Kerala.