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
MDR For UPI: Credit Card Bill Payments and Jewellery Purchases Remain Free For Consumers
Consumers Are Advised That Merchant-Imposed Surcharges On Card Or UPI Payments Violate Current Payment Guidelines
Following recent industry discussions regarding the updated Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions, financial experts and industry leaders have clarified that individual consumers will not incur any additional charges when paying credit card bills or purchasing high-value items like jewellery via UPI apps.
Zero Fees on Credit Card Bill Payments via UPI
Despite the implementation of the revised UPI MDR structure, consumers using UPI-enabled applications to pay their credit card bills remain entirely exempt from MDR fees.
No Cost Impact for Users: Cardholders can continue paying their bills through standard UPI QR codes or app-based transfers without losing reward points, credit float advantages, or incurring extra costs.
Understanding BBPS Fees: While standard bank-to-bank UPI transfers do not carry MDR, credit card bill payments processed through the Bharat Bill Payment System (BBPS) may incur small convenience or processing fees set directly by participating payment platforms under their own commercial terms—not as part of the UPI MDR framework.
Framework for Jewellery Purchases and High-Value Merchants
For high-value retail transactions, including jewellery purchases, regulatory guidelines mandate that the burden of MDR falls strictly on merchants, not customers:
Consumer Exemption: Merchants and payment platforms are prohibited from passing MDR charges or platform surcharges directly onto buyers.
Capped MDR for Jewellers: Under the revised Person-to-Merchant (P2M) framework for transactions exceeding Rs 2,000, jewellers and high-value merchants absorb a capped MDR of 0.4% (up to a maximum limit of Rs 300 per transaction for purchases of Rs 75,000 and above).
Payment Transparency: While jewellers absorb nominal fees for bank-linked UPI transactions, standard credit card fees continue to apply to credit card swipes and RuPay-credit card UPI transactions.
Consumers are advised that merchant-imposed surcharges on card or UPI payments violate current payment guidelines.
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