Kalyan Jewellers shining bright

Kalyan Jewellers is the number one gainer on the BSE; the stock, which had closed yesterday at Rs.440.30, opened 2.5% higher and rose to an intraday high at Rs.496.80, up 13%. Its 52-week high is at Rs.794.60 and low at Rs.322.05.

The stock price has reacted positively to the Q3FY25 performance. Its consolidated net profit rose 21% (YoY) to Rs.219 crore on a 39% rise in revenue at Rs.7287 crore. Consolidated PAT growth would be 44% adjusting for the loss due to reduction in customs duty (announced during Union Budget in July 2024).

Its total revenue from the Middle East operations showed a growth of 23% in revenue while PAT growth was flat and was due to the introduction of new corporate tax in the UAE.

Its online division, Candere, recorded a 90% rise in revenue but reported a loss of Rs.7 crore.

The company is upbeat about the ongoing wedding season and expects to end the financial year on a strong note. It is on track for the launch of 30 Kalyan showrooms and 15 Candere showrooms in India during the current quarter.