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
MCX gold rate falls below Rs.1.61 lakh, silver slips 1% on strong dollar
Rising US Dollar Index and higher US 10‑Year Treasury Yield weigh on bullion as Multi Commodity Exchange gold dips below ₹1.61 lakh and silver declines despite ongoing US–Iran tensions.
Gold and silver prices in India opened lower on Monday, following weakness in international bullion prices as a stronger dollar weighed on the prices of precious metals.
MCX gold rate today for April futures contracts opened 0.6% lower at Rs. 1,60,651 per 10 grams as against its previous close of Rs.1,61,634 level. MCX silver price for May futures contracts opened 0.29% lower at Rs. 2,67,497 per kilogram as against its previous close of Rs. 2,68,285 level. Selling pressure intensified and MCX gold and MCX silver prices were trading over 1%3.1 Dollar Strength
The US Dollar Index (DXY) rose to 99.695, hovering near a three-month high reached the prior week. Since bullion is priced in dollars globally, a stronger greenback makes gold and silver more expensive in local currencies, suppressing international demand and exerting downward pressure on prices.
US 10-year Treasury yields climbed to a near one-month high, elevating the opportunity cost of holding non-yielding assets such as gold. Investors rotating into higher-yielding fixed-income instruments contributed to the sell-off in precious metals.
A sharp rise in crude oil prices has reignited inflation concerns, causing markets to revise downward their expectations for near-term interest rate reductions by the US Federal Reserve. Delayed rate-cut prospects are bearish for gold, which typically benefits from lower real interest rate environments.
The ongoing US-Iran conflict in the Middle East escalated further during the reporting period. Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader, adding an additional layer of geopolitical uncertainty. Paradoxically, while geopolitical risks are traditionally positive for safe-haven assets like gold, the stronger dollar and rate-cut repricing dominated market sentiment, offsetting any safe-haven premium.
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