Kalyan Jewellers shares rise 3% post Q2 earnings; check details

Shares of Kalyan Jewellers Ltd rose over 3% today after the firm reported a 27% rise in Q2 profit. Kalyan Jewellers stock gained 3.30% to Rs 348.15 against the previous close of Rs 337 on BSE. Total 0.46 lakh shares of the firm changed hands amounting to a turnover of Rs 1.57 crore. Market cap of Kalyan Jewellers rose to Rs 34,490 crore on BSE. Kalyan Jewellers shares have a one-year beta of 0.2, indicating very low volatility during the period. The stock hit a 52 week high of Rs 359.15 on September 9, 2023  and a 52 week low of Rs 90 on November 22, 2022.  

In terms of technicals, the relative strength index (RSI) of Kalyan Jewellers stands at 71.8, signaling it's trading in the overbought zone. Kalyan Jewellers shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.   

The jewellery maker firm reported a consolidated net profit of Rs 134.87 crore in Q2 against Rs 105.92 crore in the corresponding quarter of the previous year.  

Revenue from operations climbed 27.11% in Q2 at Rs 4,414.53 crore compared to Rs 3,472.91 crore in the corresponding period of the previous fiscal. Total revenue from Middle East operations in Q2 rose 5% to Rs 629 crore against Rs 601 crore in the corresponding period of the previous fiscal. 

The Middle East operations recorded a 14.28% fall in profit after tax to Rs 12 crore for the quarter compared to Rs 14 crore for the corresponding period in the previous year.  

The company said new customer additions continued to stay healthy with share of new customers at over 36%. It added 13 showrooms during the quarter in India.   Higher share of revenues from franchised showrooms led to lower overall gross margin and EBITDA margin in the last quarter, said the firm.  

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “It has been a fantastic year so far. Revenue growth for the first half of the current financial year was 29%. We are extremely excited with the way the festive quarter has progressed thus far despite higher number of Shradh days and volatile gold prices. We have witnessed revenue growth of 35% for the current quarter till November 12 when compared to the same period during the prior year.” 

 

 

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