Kalyan Jewelers share price may become bullish again after reaching Rs 653, see update news
Kalyan Jewellers India Ltd. (NSE: KALYANKJIL) saw its share price jump over 4% today after the company reported strong financial results for the second quarter of fiscal year 2024. The stock closed at ₹656.80, up from the previous close of ₹642.60.
Main Points
Key Highlights from Kalyan Jewellers Q2FY24 Results
- Total operating revenue for Q2FY24 stood at ₹4,712.48 crore, up from ₹4,500.12 crore in Q2FY23
- Consolidated profit for the quarter was ₹165.09 crore compared to ₹150.23 crore in the year-ago period
- Earnings per share (EPS) for Q2FY24 was ₹1.60 versus ₹1.46 in Q2FY23
- The company’s market capitalization currently stands at ₹65,705 crore
Kalyan Jewellers has been delivering consistent financial performance over the past few years. The company reported a profit of ₹177.56 crore on a total income of ₹5,557.64 crore for the year ended June 2024. The jewellery retailer has also been focusing on expanding its retail footprint across India. As of March 2024, Kalyan Jewellers had 154 showrooms in India and 30 showrooms in the Middle East.
Analysts remain bullish on Kalyan Jewellers’ long-term prospects. The stock has a mean recommendation of “Buy” from 7 analysts covering the company.“Kalyan Jewellers’ strong brand presence, diversified product portfolio, and focus on expanding its retail network make it an attractive investment option in the jewellery space,” said an analyst at a leading brokerage firm.
Kalyan Jewellers currently trades at a price-to-earnings (P/E) ratio of 100.45 and a price-to-book (P/B) ratio of 15.03. The company’s return on equity (ROE) stood at 14.25% in FY2024, outperforming its 5-year average of 8.79%.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
