Shares of Kalyan Jewellers Ltd rose over 3% today after the company reported a 27% jump in Q2 profit. Kalyan Jewellers stock gained 3.30% to Rs 348.15 against its previous close of Rs 337 on the BSE. A total of 0.46 lakh shares of the company changed hands with a turnover of Rs 1.57 crore. The market capitalization of Kalyan Jewellers rose to Rs 34,490 crore on BSE. Kalyan Jewellers stock has a one-year beta of 0.2, indicating very low volatility during the period. The stock reached a 52 week high of Rs 359.15 on September 9, 2023 and a 52 week low of Rs 90 on November 22, 2022.
On the technical side, Kalyan Jewellers’ Relative Strength Index (RSI) stands at 71.8, signaling that it’s trading in the overbought territory. Kalyan Jewellers stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day moving averages.
The jewelry maker reported a consolidated net profit of Rs 134.87 crore for the second quarter, up from Rs 105.92 crore in the year-ago quarter.
Revenue from operations climbed 27.11% to Rs 4,414.53 crore in Q2 from Rs 3,472.91 crore in the corresponding period of the previous fiscal. Total revenues from Middle East operations in Q2 increased by 5% to Rs 629 crore as compared to Rs 601 crore in the corresponding period of the previous fiscal.
The Middle East operations recorded a 14.28% decline in profit after tax to Rs 12 crore for the quarter as compared to Rs 14 crore in the corresponding period of the previous fiscal.
The company said that new customer additions continued to remain healthy with the share of new customers at over 36%. The company added 13 showrooms in India during the quarter. Higher share of revenues from franchised showrooms resulted in lower overall gross margin and EBITDA margin in the last quarter, the company said.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited, said, “It has been a fantastic year so far. The sales growth for the first half of the current financial year was 29%. We are extremely pleased with the way the festive quarter has progressed so far despite the higher number of Shradh days and volatile gold prices. For the current quarter till November 12, we have recorded a revenue growth of 35% over the same period last year.
