Kalyan Jewellers shares hit 52-week high on Q1 earnings; check details

Shares of Kalyan Jewellers India Ltd rose to a fresh 52-week high today after the firm reported a 33% rise in Q1 net profit. Q1 consolidated net profit of Kalyan Jewellers rose to Rs 144 crore against a net profit of Rs 108 crore in the corresponding quarter last year. Consolidated revenue from operations jumped 35.7% to Rs 4376 crore in Q1 against Rs 3333 crore in the corresponding period of the preceding fiscal.  

The stock of the jewellery chain zoomed 6.03% to Rs 188.95 against the previous close of Rs 178.20 on BSE. Market cap of the firm rose to Rs 18,906 crore on BSE. Kalyan Jewellers stock also touched an intraday low of Rs 177.35, its opening level on BSE.    

The stock of Kalyan Jewellers has gained 156% in a year and risen 46.08% in 2023. Total 5.41 lakh shares of the firm changed hands amounting to a turnover of Rs 10.02 crore on BSE.   

In terms of technicals, the relative strength index (RSI) of the stock stands at 66.4, signaling the stock is neither oversold nor overbought. Kalyan Jewellers has a one-year beta of 1.4, indicating high volatility during the period. Kalyan Jewellers shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.         

The standalone revenue for the company (India) in Q1 grew 34% to Rs 3,641 crore as against Rs 2,719 crore in Q1 of the previous financial year. The India operations recorded a 35% rise in profit to Rs 129 crore in Q1 compared to a PAT of Rs 95 crore in the corresponding quarter of the previous year.  

Revenue from the Middle East operations in the last quarter rose 22% to Rs 700 crore as against Rs 574 crore in Q1 of the previous financial year. The Middle East operations’ profit climbed 24% to Rs 17 crore in Q1 compared to a PAT of Rs 14 crore in the corresponding quarter of the previous year.  

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India said, “We have had a very good start to the financial year. The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East over the past several quarters. We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country. The month of August will witness the launch of our 200th showroom in Jammu – a milestone in our showroom expansion journey.”  

Kalyan Jewellers is engaged in offering gold, diamond, pearl, white gold, gemstone, platinum and silver jewelry products. The Company’s brand includes Mudhra, Anokhi, Rang, Vedha, Tejasvi, Apoorva, Ziah, Laya and Glo. Its products include chains, rings, necklaces, earrings, bracelets, bangles, gold, white gold and platinum. 

 

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