Kalyan Jewellers records 34% revenue growth, opens 10 new stores in Q4

Kalyan Jewellers reported robust quarterly numbers with a 34% YoY growth in consolidated revenue in the January-March quarter. Shares of the company opened 2.8% higher on the NSE but gave up gains to trade 0.1% lower at 2:00 pm on Friday.

The company said it logged a revenue growth of about 38% YoY from its India operations during the fourth quarter of FY24. The growth was backed by upbeat same-store sales growth, which was the highest in Q4 as compared to other quarters in FY24. Its Indian business recorded a revenue growth of about 36% during the full year FY2024 as compared to the prior year.

The Middle East contributed about 14% to the consolidated revenue in the concluding quarter, the company revealed in an exchange filing. The region witnessed a revenue growth of about 14% in the fourth quarter, backed by healthy same-store sales. For the full year concluding on March 31, 2024, the company reported revenue growth of about 11% from its Middle East business.

The company also opened 10 new stores in India during the quarter. It launched two new showrooms in the Middle East during the same time period. The company also said, “In addition to the 5 LOIs (letters of intent) for FOCO (franchise owned company operated) showrooms executed during December 2023, we have signed an additional 3 LOIs for conversion of existing company-owned showrooms to franchised ones over the next 6 months as part of the previously announced plan to reduce debt / invested capital in the region.”

The company also announced that its digital-first jewellery platform, Candere, recorded revenue growth of about 12% in the fourth quarter, as it witnessed “encouraging trends in its already opened physical showrooms.”

Kalyan Jewellers was founded in 1993 in Kerala and went public in March 2021. The stock hit a 52-week high of ₹449.70 on April 1, 2024, and a 52-week low of ₹100.95 on April 27, 2023.