Kalyan Jewellers reports robust revenue growth in June quarter; Stock rises

8 Jul 2022 , 09:16 AM

Kalyan Jewellers India has informed to the exchanges that the quarter has been a positive one for the company, having witnessed continued robust momentum in both footfalls and revenue across all its markets in India and Middle East.

The company has witnessed consolidated revenue growth of over 105% in Q1 FY 2023 as compared to the same period in the previous financial year.

“We witnessed revenue growth of over 115% for our India operations during the recently concluded quarter, as compared to Q1 FY 2022. We are continuing to see strong operating momentum in our business in India, driven by the resilience of our category.

Furthermore, we believe our business has been a significant beneficiary of the shift in demand from the unorganised to the organised segment, further benefitted by the strength of our brand, depth of our retail and MyKalyan networks and the agility of our business model through the pandemic.

This has been evidenced by the significant growth in our business through COVID, with the last twelve months of revenues in India being ~35% higher as compared to FY 2020 revenue (pre-COVID)”, Kalyan Jewellers said in a regulatory filing.

Notably, “the recently concluded quarter witnessed the launch of our first franchised showroom (in Aurangabad). We have developed a strategy and execution roadmap for our franchise operations, including working with a consultant to assess the market opportunity, develop a robust economic model and assess potential franchisee partners”, it added.

Further, the online jewellery platform, Candere, recorded a revenue growth of over 80% during the quarter, compared to the same period during the last year, demonstrating continued positive traction in our digitally-oriented initiatives, particularly around e-commerce, said company in afiling.

On Friday early morning trade, Kalyan Jewellers India was trading at Rs64 per share up by Rs0.4 or 0.63% from its previous closing of Rs63.60 per share on the BSE.