Thrissur, Kerala – July 5, 2024 – Kalyan Jewellers India Limited has announced a strong start to the fiscal year 2024-2025, reporting a consolidated revenue growth of approximately 27% for the first quarter ended June 30, 2024. This impressive performance comes despite the volatility in gold prices and a challenging comparison to the previous year’s strong base quarter.
In a quarterly update to the National Stock Exchange of India Ltd. and BSE Limited, Kalyan Jewellers highlighted significant growth across its markets in India and the Middle East. The company’s India operations saw a remarkable revenue increase of approximately 29%, driven by robust on-ground momentum and healthy same-store-sales-growth of around 12%.
The Middle East operations also contributed positively, recording a revenue growth of approximately 16% compared to the same period last year. This region accounted for about 15% of the company’s consolidated revenue for the quarter.
Kalyan Jewellers’ digital-first platform, Candere, continued its upward trajectory with a 13% increase in revenue. Reflecting its confidence in the platform’s potential, the company has moved to convert Enovate Lifestyles Private Limited (Candere) into a wholly-owned subsidiary.
During the quarter, Kalyan Jewellers launched 13 Franchisee-Owned-Company-Operated (FOCO) showrooms in India, with plans to open many more in the coming quarters. The company’s aggressive expansion strategy includes the opening of over 130 new showrooms in the current fiscal year. This includes around 40 new Kalyan showrooms, 30 Candere showrooms, and their first showroom in the United States, scheduled for launch by Diwali.
As of June 30, 2024, Kalyan Jewellers operates a total of 277 showrooms, comprising 217 in India, 36 in the Middle East, and 24 under the Candere brand. The company is gearing up for the upcoming festive and wedding seasons with fresh collections and targeted campaigns, starting with Onam towards the end of the current quarter.
The reported metrics and other details are subject to a statutory audit. A comprehensive information update will follow post board approval of the financials for the quarter and year ended June 30, 2024.
Note:This post was written and edited by Pranav Pillai, based on their expertise and research. It is intended for informational purposes only. It does not constitute legal advice or Investment Advice. We welcome your feedback and questions on this content. Please feel free to contact us.