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Kalyan Jewellers Noted 31% Revenue Growth During FY2024

05 April 20243 mins read by Angel One
The leading jewellery retailer, Kalyan Jewellers, posted decent revenue growth across its India and Middle East operations during the last quarter of FY 2024.
Kalyan Jewellers Noted 31% Revenue Growth During FY2024
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On April 05, 2024, Kalyan Jewellers India Limited, one of the leading retail jewellery store operators in India, released its business update for the quarter ended March 31, 2024 (Q4 FY2024). The company stated that it experienced continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East in the last quarter of FY2024 in spite of the steep increase in gold prices during the second half of FY2024.

During the quarter, the company recorded a 34% growth in consolidated revenue compared to Q4 FY2023. The company further stated that the business posted a 31% growth in consolidated revenue during FY2024. During FY2024, the company launched 71 showrooms (net), bringing the total number of showrooms across India and the Middle East to 253 as of 31 March 2024.

India Operations

The business witnessed a YoY revenue growth of ~38% during Q4 FY2024 compared to Q4 FY2023. This growth was aided by robust operating momentum on the ground and healthy same-store sales growth. In addition, the India business recorded a revenue growth of ~36% during FY2024. During the Q4 FY2024, the company added 10 new ‘Kalyan’ showrooms (Franchisee-Owned-Company-Operated “FOCO”) in India.

Middle East Operations

During Q4 FY2024, Kalyan Jewellers recorded revenue growth of ~14% on a YoY basis. This was mainly backed by healthy same-store sales growth. In addition, the Middle East operations posted a revenue growth of ~11% in FY2024 as compared to the prior year. The company launched 2 new showrooms in the Middle East during the quarter (to be converted to FOCO showrooms during the next 3 months). The Middle East contributed ~14% to its consolidated revenue for the recently closed quarter.

Candere Business

The company’s digital-first jewellery platform, Candere, posted revenue growth of ~12% during the quarter compared to the same period last year. For FY2024, Candere witnessed revenue de-growth of ~17% compared to the prior year. In addition, Candere rolled out 6 showrooms during Q4 FY2024.

Looking Ahead

The company is experiencing encouraging trends in the advanced collections for both Akshaya Tritiya and wedding purchases for the festive/wedding season. For FY2025, the company intends to launch at least 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across the Middle East and the USA.

About Kalyan Jewellers India Limited

Kalyan Jewellers India Ltd is engaged in designing, manufacturing, and selling a range of gold, studded, and other jewellery products at various price points. On April 05, 2024, the Kalyan Jewellers share price opened at ₹439.45 and touched the day high of ₹443.00 at 09:35 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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