Kalyan Jewellers Q2 Results: Net profit drops to ₹130 crore due to one-time loss, revenue rises 37%

Kalyan Jewellers Ltd., the Thrissur, Kerala-based jewelry maker, reported its September quarter earnings on Wednesday, showing a year-on-year decline in both bottomline and margins.

Kalyan Jewellers reported a 3.3% year-on-year drop in net profit for the September quarter at ₹130 crore. In the same period last year, the company's profit stood at ₹134.8 crore.

The company said there was a one-time loss of ₹69 crore due to reduction in customs duty in India during the quarter.

The company reported a 237% year-on-year revenue growth at ₹6,065 crore, compared to the same period last year.

The EBITDA of the jewellery retailer also registered an increase of 4.3% at ₹327.1 crore versus ₹313.6 crore in the same period last year. The margin witnessed a 170 basis points dip at 5.4% on a year-on-year basis.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India said, "We are extremely excited with the way the current year has progressed thus far, despite volatile gold prices and the ongoing quarter is also witnessing
robust footfalls. We recorded SSSG in excess of 20% for the Diwali minus 30 days period when compared to the base year."

Kalyanaraman said the company is upbeat about the ongoing wedding season across the country and hopes to end the calendar year on a very strong note.

Shares of Kalyan Jewellers were trading 3.90% lower on Wednesday at ₹676.85. The stock has rallied over 85% so far this year.