Kalyan Jewellers re-appoints Warburg Pincus’ Anish Saraf on the board

Kalyan Jewellers re-appoints Warburg Pincus’ Anish Saraf on the board

Leading jewellery maker Kalyan Jewellers has reappointed Anish Saraf, Managing Director of global private equity firm Warburg Pincus, to the company’s board as non-executive director, the company said in an exchange filing on January 30. Saraf has served as a nominee director of Warburg Pincus—an early investor in the company—and has been on Kalyan Jewellers' board since its public listing in 2021. Warburg Pincus exited the company last year, selling its remaining stake in November to Kalyan’s promoters and a group of domestic and foreign institutional investors.

On Thursday, Kalyan Jewellers also announced the reappointment of former Comptroller and Auditor General of India, Vinod Rai, as Chairman of its Board of Directors.

Meanwhile, in its Q3 earnings report released on Thursday, Kalyan Jewellers India Limited recorded consolidated revenue of Rs 7,287 crore in Q3FY25, compared to Rs 5,223 crore in the corresponding period of the previous year, reflecting a 40% growth. Consolidated PAT for Q3FY25 was Rs 219 crore, up from Rs 180 crore in the corresponding period of the previous year. Adjusting for the loss due to the reduction in customs duty (announced during the Union Budget in July 2024), the consolidated PAT growth would be 44%.

The company's standalone revenue (India) for Q3FY25 was Rs 6,393 crore, compared to Rs 4,512 crore in Q3 of the previous financial year, reflecting a 42% growth. India operations recorded a PAT of Rs 218 crore for the quarter, compared to Rs 168 crore in the corresponding period of the previous year. Adjusting for the customs duty loss, PAT growth would be 54%.

Total revenue from Middle East operations during Q3FY25 was Rs 840 crore, up from Rs 683 crore in Q3FY24, reflecting a growth of over 23%. The Middle East operations recorded a PAT of ₹15 crore for the quarter, compared to ₹14 crore in the corresponding period of the previous year. PBT grew by 23% over the corresponding quarter of the previous year. However, PAT growth for Q3 FY25 was impacted due to the introduction of a new corporate tax in the UAE.

The e-commerce division, Candere, recorded revenue of ₹55 crore in Q3FY25, up from Rs 29 crore in Q3FY24. The company recorded a loss of Rs 6.9 crore in Q3FY25, compared to a loss of Rs 1.6 crore in Q3 FY24.

Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India Limited, said, “We are extremely excited about the way the current year has progressed. The current quarter has started off well despite the volatility in gold prices. We are upbeat about the ongoing wedding season and expect to end the financial year on a strong note. We are on track for the launch of 30 Kalyan showrooms and 15 Candere showrooms in India during the current quarter.”

Headquartered in Thrissur, Kerala, Kalyan Jewellers is one of the largest jewelry retailers in India, with a presence in the Middle East and the USA.