The revenue growth was mainly driven by robust operating momentum on the ground with healthy same-store-sales-growth of approximately 12%.
Kalyan Jewellers witnessed robust operating performance across all its markets in India and Middle East despite extreme volatility in gold prices and a strong base quarter.
In Q1 FY25, the company has recorded a consolidated revenue growth of approximately 27% as compared to the same period a year ago.
During the quarter, the firm launched 13 Kalyan franchisee-owned-company-operated (FOCO) showrooms in India, with a strong pipeline of showrooms set to open in the coming quarters in line with its previously communicated guidance, it added.
In the Middle East, the jewellery retailer witnessed a revenue growth of approximately 16% compared to the same period in the previous financial year, driven largely by same-store-sales growth. Middle East contributed 15% to its consolidated revenue for the recently concluded quarter.
The company’s digital-first jewellery platform, Candere, recorded a revenue growth of approximately 13% year on year during the quarter.
The firm stated that it has signed documentation to increase its stake in the business and hence convert Enovate Lifestyles (Candere) to a wholly owned subsidiary of Kalyan Jewellers India.
During the quarter, Kalyan Jewellers has launched 24 showrooms across Kalyan and Candere formats taking the total number of showrooms as on 30 June 2024 to 277 (Kalyan India – 217, Kalyan Middle East – 36, Candere – 24).
“We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country, starting with Onam towards the end of the current quarter. As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the showrooms already opened, we have drawn up plans to launch another
40 Kalyan showrooms in India,
30 Candere showrooms and the first showroom in the U.S. by Diwali,” Kalyan Jewllers stated in the press release.
Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.
The jewellery retailer’s consolidated net profit jumped 96.3% to Rs 137.59 crore on 34.09% increase in revenue from operations to Rs 4,534.93 crore in Q4 FY24 over Q4 FY23. Profit before tax for the quarter was at Rs 183.67 crore, registering a growth of 93.97% from Rs 94.69 crore posted in Q4 FY23.
Shares of Kalyan Jewellers India shed 0.10% to Rs 489.85 on the BSE.