Kalyan Jewellers logs 39% y-o-y growth in Indian business

7 Oct 2024 , 11:32 AM

Kalyan Jewellers Ltd., a jewellery manufacturer situated in Thrissur, Kerala, reported a consolidated revenue increase of nearly 37% in the September quarter compared to the same period the previous fiscal year.

Kalyan’s revenue in India increased by 39%, driven by strong operating performance across all markets, with same-store sales up approximately 23% in the second quarter.

According to Kalyan Jewellers India, the drop in customs duty on gold imports announced in the Union Budget has resulted in significantly increased footfalls from the last week of July to the end of August, largely negating the impact of the 14 days of Shradh, when sales are generally lower.

In comparison, only two days of Shradh were included in the base year’s second quarter, according to an exchange filing by the jewellery company.

In the Middle East, Kalyan Jewellers saw a revenue increase of around 24% over the same period in the previous fiscal year.

The company has completed the first round of conversions from owned showrooms to FOCO showrooms, bringing the total number of franchised showrooms in the region to four. The Middle East provided 13% of the company’s consolidated revenue in the most recent quarter.

Candere, Kalyan’s digital-first jewellery platform, saw a revenue increase of over 30% over the same period previous year. During the second quarter of fiscal year 2025, the firm opened 12 Candere showrooms.

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