While buyers have been slowly shifting away from the thousands of family-run jewelry shops that control the bulk of the worlds second-biggest gold market, the pandemic has sped up the process.
The world’s worst coronavirus outbreak is changing the way Indians buy gold, hastening a shift to modern, retail stores. While buyers have been slowly shifting away from the thousands of family-run jewelry shops that control the bulk of the world’s second-biggest gold market, the pandemic has sped up the process, according to Ramesh Kalyanaraman, executive director at Kalyan
KOLKATA: Thrissur-based Kalyan Jewellers has clocked a consolidated profit after tax (PAT) of Rs 73.91 crore in the Q4 of FY21, which is a 54.1 per cent growth over the corresponding quarter of the previous fiscal. The jeweller has a presence in India and the Middle East.
The total revenue for the quarter was Rs 3056.6 crore as compared to the revenue of Rs 2140.7 crore for the same quarter in the previous year, a growth of 42.78 per cent. The consolidated PAT for H2 FY20-21 was recorded at Rs 206.7 crore, a 72.3 per cent growth over the same period last year.
The reasons for the revenue growth in the India operations were mainly because of the accelerated shift within the jewellery industry from unorganized to organized players and the resilient weddings and related demand. The revenue growth of the gold division was 69.6 per cent and that of the studded division was 36.6 per cent. The disproportionate increase in gold revenues led to an overall decline in the gross margins perce
On a consolidated basis, Kalyan Jewellers India reported 54.2% jump in net profit to Rs 74.18 crore on 42.8% rise in revenue from operations to Rs 3,056.60 crore in Q4 FY21 over Q4 FY20.
Profit before tax in Q4 FY21 stood at Rs 98.47 crore, up 46.9% from Rs 67.03 crore in Q4 FY20.
The company reported a consolidated net loss of Rs 6.30 crore in the year ended 31 March 2021 as compared with a net profit of Rs 142.99 crore in the year ended 31 March 2020.
Kalyan Jewellers is one of the largest jewellery companies in India in terms of revenues. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is the highest-selling product category for the company, to daily-wear jewellery.