Kalyan Jewellers India (KALYANKJIL) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue from operations rose 26% YoY to ₹108,179 million, with EBITDA up 37% to ₹8,145 million and PAT of ₹2,240 million versus a ₹61 million loss in FY21.

• Recovery followed pandemic disruptions; growth was supported by store reopenings, pent-up and festive demand, and a rising shift toward organised jewellery retail.

Financial highlights

• Consolidated total income was ₹108,562 million in FY22, versus ₹86,187 million in FY21; revenue from operations was ₹108,179 million, up 26% YoY.

• EBITDA increased 37% YoY to ₹8,145 million; EBITDA margin rose to 7.5% from 6.9%.

• PAT was ₹2,240 million versus a ₹61 million loss; PBT reached ₹2,989 million versus ₹394 million in FY21.

• Gross margin was 15.6% versus 17.0% in FY21; EBIT margin improved to 5.4% from 4.3%.

Outlook and guidance

• Vision 2025 targets mid-to-high single-digit same-store sales growth across existing showrooms and improved PBT margins through data-led profitability initiatives.

• Targeting around 20 showroom additions in non-South India during FY23; Vision 2025 aims to raise non-South markets to 50% of India revenue.

• Middle East expansion is planned on a calibrated basis, funded by regional internal accruals; franchise rollout there is planned after pilot showrooms in India.

• Indian gold jewellery demand was forecast to grow 11% in FY23; organised retailers were projected to grow 14%, supported by expansion and consumer preference shifts.