Kalyan Jewellers profit after tax jumps 54% to Rs 73.87 crore in March quarter

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Mumbai: Kalyan Jewellers on Thursday reported a 54.05% jump in its consolidated profit after tax (PAT) to Rs 73.87 crore for the quarter ended March 31.

The company’s PAT had stood at Rs 47.95 crore during the fourth quarter of 2019-20, Kalyan Jewellers said in a BSE filing. Its consolidated revenue from operations in January-March 2021 grew 42.78 per cent to Rs 3,056.60 crore, compared with Rs 2,140.71 crore in the year-ago period.

For the full financial year 2020-21, the company posted Rs 6.07 crore loss as against Rs 142.27 crore profit during 2019-20.

Kalyan Jewellers’ revenue from operation during 2020-21 witnessed 15.12% decline at Rs 8,573.30 crore in 2020-21, compared with Rs 10,100.91 crore in 2019-20.

Kalyan Jewellers Executive Director Ramesh Kalyanaraman said, “The past year has been unprecedented in many ways. FY2020-21 began with a severe dislocation as our entire store network was temporarily shut down given the global pandemic.”

He, however, added that the company was able to make a strong recovery in the following months, thanks to the teamwork of its employees and proactive customer engagement initiatives undertaken.

The company had already reached a stage where the operating leverage had started kicking in, he said.

Kalyanaraman added that the robust revenue growth in the second half of the year, especially in the fourth quarter, enabled the company to achieve 72.3% growth in the second half of 2020-21.

He also said about 80% of store networks in India are currently closed due to state-imposed restrictions, and the on-ground situation is likely to remain fluid over the next few weeks.