India’s leading jewellery firm Kalyan Jewellers India reported a 54 jump in net profit to Rs 74 crore ($10.2 million) on a 42 percent rise in revenue to Rs 3,057 crore.
For the financial year 2020-21, the company reported a consolidated net loss of Rs 6 crore as compared with a net profit of Rs 143 crore in the year ended 31 March 2020 while the revenue declined by 15 to Rs 8573.30 crore in FY21 over FY20.
Commenting on the Q4 results. Ramesh Kalyanaraman executive director of Kalyan Jewellers in a statement said, “The past year has been unprecedented in many ways. FY2020-21 began with a severe dislocation as our entire store network was temporarily shut down given the global pandemic. However, the company was able to make a strong recovery in the following months, thanks to the teamwork of our employees and proactive customer engagement initiatives undertaken.”
“Given the strength and scale of our business, leaner cost structure, systems and processes institutionalized to deal with this kind of dislocation based on the previous year’s experience and the additional strength of our balance sheet after our recent IPO, we are well equipped to handle the near term shifting realities of the market and remain well positioned for the long term,” he added.
Kalyan Jewellers is one of the largest jewellery companies in India in terms of revenues. The Company’s retail chain stands at 137 showrooms, as on 31st March 2021, out of which 107 showrooms are in India and 30 showrooms in the Middle East.
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