Indian jewelry brand Kalyan Jewellers has announced a consolidated profit after tax (PAT) of Rs 144 crore in the initial quarter (Q1) of the financial year (FY) 2024, marking a 33% growth compared to a PAT of Rs 108 crore recorded in the same period of the prior year, according to a press release issued on Wednesday.

The jewelry retailer's revenue for Q1FY24 reached Rs 4,376 crore, reflecting a 31% increase compared to Rs 3,333 crore in the corresponding quarter of FY23.

Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India Ltd., expressed, "The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfall and revenue across all our markets in India and the Middle East over the past several quarters."

In Q1 FY24, the standalone revenue for the company's India operations surged by 34% to Rs 3,641 crore, compared to Rs 2,719 crore in Q1 of the preceding financial year. The India operations recorded a PAT of Rs 129 crore for the quarter, marking a 35% growth compared to a PAT of Rs 95 crore in the corresponding quarter of FY23.

During Q1 FY24, the total revenue from the Middle East operations increased to Rs 700 crore, as opposed to Rs 574 crore in Q1 of the prior financial year, representing a growth of 22%. The Middle East operations registered a PAT of Rs 17 crore for the quarter, demonstrating a 24% growth compared to a PAT of Rs 14 crore in the corresponding quarter of FY23.

The Middle East region's contribution to the overall consolidated revenue of the company reached almost 16%. Additionally, the company's e-commerce division, Candere, reported a revenue of Rs 34 crore for the quarter, compared to Rs 44 crore in the corresponding quarter of the previous year. However, the company incurred a loss of Rs 2.2 crore for the quarter, as opposed to a loss of Rs 1.2 crore in FY23.

"We are optimistic about the upcoming new showroom launches and are preparing with fresh collections and campaigns for the approaching festive and wedding season across the country. The month of August will mark the inauguration of our 200th showroom in Jammu – a significant milestone in our showroom expansion journey," added Kalyanaraman.

Kalyan Jewellers, founded by T. S. Kalyanaraman, inaugurated its first showroom in 1993. With headquarters in Thrissur, Kerala, the brand presently operates 197 showrooms across India and the Middle East, encompassing a retail area exceeding 6,40,000 sq. ft.