Kalyan Jewellers Q4 Net Profit Drops By 3.11%, But Overall Profit Doubles In FY23 As Revenue Rises

Kalyan Jewellers India Ltd recorded a 3.11% decline in its consolidated net profit for the fourth quarter of the 2022-23, amounting to Rs 697.99 crore, primarily attributed to increased expenses. In the quarter ended March 31, 2022, the company had reported a net profit of Rs 720.40 crore, according to a regulatory filing.

The company's overall revenue increased during the fourth quarter of the 2022-23 fiscal year to Rs 3,396.42 crore from Rs 2,868.52 crore the previous time, while expenses remained higher at Rs 3,268.47 crore as opposed to Rs 2,772.64 crore in the stated period.

As part of the management's broader plan to get rid of non-core assets, Kalyan Jewellers listed Rs. 33.35 crore as an extraordinary item against the sale of two company-owned aeroplanes in the filing.
However, the company reported that overall, its consolidated profit increased to Rs. 431.93 crore from Rs. 224.03 crore in the prior fiscal year, almost doubling to that amount.

In the fiscal year 2022-2023, total income climbed to Rs 14,109.33 crore from Rs 10,856.22 crore the previous year.

"We completed an excellent year and have announced our maiden dividend to reward our shareholders. With a strong Akshaya Tritiya, we have had a fantastic start to the current financial year as well," Kalyan Jewellers Executive Director Ramesh Kalyanaraman said.

The company is currently experiencing a positive trend in consumer demand, particularly in the context of wedding-related purchases.

"We are upbeat about the season and have fully geared up the system to ensure that we have yet another memorable quarter," he added.