Kalyan Jewellers India (KALYANKJIL) Q4 22/23 earnings summary

Executive summary

• FY23 consolidated revenue rose 30% YoY to ₹140,714 million; adjusted PAT reached ₹4,569 million, a record and 221% above FY20. Reported PAT was ₹4,319 million.

• Capital-light FOCO expansion, market-share gains and stronger returns shaped the year; 32 franchised showrooms were operating, with FY24 expansion plans supported by signed LOIs.

Financial highlights

• Consolidated revenue was ₹140,714 million vs ₹108,179 million YoY; EBITDA rose 37% to ₹11,140 million from ₹8,145 million.

• Consolidated PAT increased 93% to ₹4,319 million from ₹2,240 million; EPS rose to ₹4.20 from ₹2.18.

• PBT was ₹5,715 million vs ₹2,989 million; reported results included a ₹333 million exceptional loss on aircraft assets held for sale.

• Employee expenses rose to ₹4,406 million from ₹3,543 million as 1,784 employees were added; expense as a share of revenue declined to 3.1% from 3.8%.

Outlook and guidance

• FY24 targets include 50+ showroom openings, mainly in non-South India, and mid-to-high single-digit same-store sales growth.

• Targeting 50% revenue share from non-South markets by FY24 or early FY25, with more than 50 additional showrooms planned in the region.

• Candere plans 25–30 showroom launches in FY24 and an omnichannel offering; a Middle East franchise pilot is also planned.