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Kalyan Jewellers India Ltd on Monday posted a 3.11 per cent drop in its consolidated net profit at Rs 697.99 crore during the fourth quarter of the 2022-23 fiscal, largely due to higher expenses.

The company had clocked a net profit of Rs 720.40 crore in the quarter ended March 31, 2022, according to a regulatory filing.

The company’s total income rose to Rs 3,396.42 crore during the fourth quarter of the 2022-23 fiscal, from Rs 2,868.52 crore in the year-ago period, but expenses remained higher at Rs 3,268.47 crore, as against Rs 2,772.64 crore in the said period.

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In the filing, Kalyan Jewellers showed Rs 33.35 crore as exceptional item against sale of two aircraft owned by the company as part of the management’s overall strategy to dispose of non-core assets.

However, for the entire 2022-23 fiscal, the company said its consolidated profit almost doubled to Rs 431.93 crore, higher than Rs 224.03 crore in the previous financial year.

Total income increased to Rs 14,109.33 crore in the 2022-23 fiscal, from Rs 10,856.22 crore in the previous year.

“We completed an excellent year and have announced our maiden dividend to reward our shareholders. With a strong Akshaya Tritiya, we have had a fantastic start to the current financial year as well,” Kalyan Jewellers Executive Director Ramesh Kalyanaraman said.

The company is also witnessing encouraging momentum in consumer demand especially around wedding purchases.

“We are upbeat about the season and have fully geared up the system to ensure that we have yet another memorable quarter,” he added.