Kalyan Jewellers Q3 results: "The standalone revenue for the company (India) in Q3 FY24, was Rs 4,512 crore, compared to Rs 3,219 crore in Q3 of the previous financial year, a growth of over 40 per cent. The India operations recorded PAT of Rs 168 crore for the quarter compared to a PAT of Rs 133 crore for the corresponding period in the previous year, a growth of 26 per cent," the Thrissur-based jewellery retailer said.
Kalyan Jewellers said it achieved positive operating performance despite multiple headwinds during the quarter, such as extreme volatility in gold prices and a higher number of Shradh days.
Kalyan Jewellers shares: ICICI Securities has downgraded the stock to 'Add' from 'Buy' even as it felt Kalyan Jewellers continued to deliver revenue outperformance (32 per cent YoY) compared to peers (21 per cent Titan Company Ltd),
Mazagon Dock, Suzlon Energy, Lloyds Metal, SJVN, Kalyan Jewellers, CreditAccess Grameen, KEI Industries, Emami and Exide Industries are some of smallcap tocks that can enter midcap categories, Nuvama said.
"We saw revenue growth of 32% for our India operations during Q2 FY2024 as compared to Q2 FY2023, led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country despite the Adhik Maas period falling in the quarter from the 3rd week of July until the 3rd week of August, a once in a 3-year phenomenon during which wedding jewellery demand tends to take a pause," the company said in an exchange filing.