Kalyan Jewellers, a prominent player in the jewellery business, has reported a strong performance in the first quarter of fiscal year 2024. According to a regulatory filing, the company experienced significant consolidated revenue growth of over 105% in Q1 FY 2023 compared to the same period in the previous financial year. Additionally, its India operations witnessed remarkable revenue growth of over 115% during the recently concluded quarter, as compared to Q1 FY 2022.
The company stated that the consolidated revenue growth for the first quarter of the current financial year stood at approximately 31% in comparison to the same period in the previous year.
Kalyan Jewellers observed broad-based momentum in same-store revenue growth across various geographies, with non-south markets experiencing higher overall revenue growth. This can be attributed to the launch of a greater number of showrooms in the region over the past twelve months. During the recently concluded quarter, the company opened 12 new ‘Kalyan’ showrooms in non-south markets and aims to launch close to 20 more showrooms in these regions before Diwali, as part of its plan to introduce a total of 52 new showrooms this year.
In the Middle East, Kalyan Jewellers continued to witness robust momentum in footfalls and revenue, driven by strong economic activity in the region. The company achieved a revenue growth of nearly 21% in the recently concluded quarter.
However, their online jewellery platform, Candere, experienced a decline in revenue of approximately 22% during the same quarter compared to the previous year. Despite this, the company expressed optimism, stating that the two physical showrooms of Candere have shown encouraging trends. As part of its omni-channel growth strategy for the platform, it plans to launch around 20 physical showrooms for Candere in the next six months.
As of June 30, 2023, Kalyan Jewellers had a total of 194 showrooms across India and the Middle East, highlighting its extensive presence in the market.
On Friday, the shares of Kalyan Jewellers witnessed a 6 percent increase following the announcement that the company’s revenue had surged by 34 percent in the April-June quarter, as compared to the corresponding period in the previous year. However, it gave up some early gains and settled down with 5.65% gains and closed at Rs. 162.55.