Jewellery major Kalyan Jewellers has improved its performance in Q4 of FY21, though its yearly revenue was hit by the COVID-19 pandemic.
The company executive director Ramesh Kalyanaraman attributed the change to a massive shift of customers from the unorganised sector to the organised gold jewellery trade. `` Better hygiene and more space could have prompted the customers to go to bigger jewellers in the time of coronavirus pandemic. This trend is likely to continue in the current year too with mandatory hallmarking of gold from June.’’
He said the shift has helped the company to improve its gross margin by about 3% from last year to around 17% now in West Asia.
The company’s profit after tax for Q4 at Rs 73.9 crore grew by 54.1% over the same period in the previous year. Consolidated revenue increased by 42.8% to Rs 3056.6 crore. However, for 2020-21 the revenue declined by 15.1% to Rs 8573.3 crore from a year ago.