National News
Kalyan Jewellers India Ltd recorded PAT of Rs 219 crore in Q3 FY25
~ The first-of-its-kind store aims to redefine Gold and Silver Shopping with Innovation, Luxury, and Unmatched Convenience ~
Kalyan Jewellers India Limited recorded consolidated revenue of Rs 7287 crore in Q3 FY25 as against Rs 5223 crore in the corresponding period of the previous year, a growth of 40%. Consolidated PAT for Q3 FY25 was Rs 219 crore as against a PAT of Rs 180 crore for the corresponding period in the previous year. Consolidated PAT growth would be 44% adjusting for the loss due to reduction in customs duty (announced during Union Budget in July 2024).
The standalone revenue for the company (India) in Q3 FY25, was Rs 6393 crore, as against Rs 4512 crore in Q3 of the previous financial year, a growth of 42%. The India operations recorded PAT of Rs 218 crore for the quarter compared to a PAT of Rs 168 crore for the corresponding period in the previous year. Adjusting for the customs duty loss the PAT growth would be 54%.
Total revenue from the Middle East operations during Q3 FY25 was Rs 840 crore as against Rs 683 crore in Q3 FY24, a growth of over 23%. The Middle East operations recorded PAT of Rs 15 crore for the quarter compared to a PAT of Rs 14 crore for the corresponding period in the previous year. The PBT grew by 23% over the corresponding quarter of the previous year. However, the PAT growth for Q3FY25 was impacted due to the introduction of new corporate tax in the UAE.
The e-commerce division, Candere, recorded a revenue of Rs 55 crore in Q3 FY25 versus Rs 29 crore in Q3 FY24. The company recorded a loss of Rs 6.9 crore in Q3 FY25 versus a loss of Rs 1.6 Cr during Q3 FY24.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are extremely excited with 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.”
National News
NPCI Defers Rollout Of UPI Merchant Discount Rate Until After Diwali
Given Typical Retail Margins Of 2%–6% On Bullion and Plain Gold Jewellery, Absorbing A 0.4% Fee—Or Up To ₹300 Per Large Transaction—Would Have Directly Eaten Into Festive Profitability. The Deferral Keeps Bottom Lines Protected Through Dhanteras and Diwali.
The National Payments Corporation of India’s (NPCI) UPI and Services Steering Committee has deferred the implementation of Merchant Discount Rates (MDR) on select person-to-merchant (P2M) UPI transactions until immediately after Diwali.
The move aims to protect consumer sentiment and keep operational costs steady for businesses during the peak festive shopping season. A specific implementation date will be announced separately.
Key Highlights
- Festive Relief for Retail: The deferment ensures merchants face no additional payment processing costs during peak festive demand, helping avoid disruptions to consumer spending.
- The Approved MDR Structure:
- Applies only to eligible P2M transactions above Rs 2,000 at a rate of 0.4%.
- Capped at Rs 300 for high-value transactions of Rs 75,000 and above.
- Everyday low-value payments and small merchants remain fully exempt, preserving zero-cost digital transactions for general consumers.
- Timeline Adjustment: Originally notified on September 15 for an October 15 rollout, the framework will now take effect post-Diwali, giving banks, payment aggregators, and merchants additional runway to align their systems and communicate terms clearly.
Jewellery purchase values routinely exceed the Rs 2,000 threshold and frequently touch or surpass the Rs 75,000 cap. Given typical retail margins of 2%–6% on bullion and plain gold jewellery, absorbing a 0.4% fee—or up to Rs 300 per large transaction—would have directly eaten into festive profitability. The deferral keeps bottom lines protected through Dhanteras and Diwali.
Introducing transaction fees just as footfall surges would have forced retailers to decide whether to absorb the cost or pass it on to buyers (via checkout surcharges or selective discounts). Avoiding this choice prevents awkward billing counter negotiations and cart abandonment during rush hours.
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