Kalyan Jewellers announces Q4 FY24 results, reports 34% revenue growth 

The jewellery company saw revenue growth of approximately 38% for its India operations during Q4 FY2024 as compared to Q4 FY2023, led by robust operating momentum on the ground with healthy same-store-sales-growth 

Mumbai: Kalyan Jewellers has reported the results of its recently concluded quarter and has witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East despite a sharp rise in gold price during the second half of the quarter. Q4 FY2024 recorded consolidated revenue growth of approximately 34% when compared to the same period in the previous financial year. For the full year FY2024, the company recorded revenue growth of approximately 31% on a consolidated basis as compared to the prior year.

The jewellery company saw revenue growth of approximately 38% for its India operations during Q4 FY2024 as compared to Q4 FY2023, led by robust operating momentum on the ground with healthy same-store-sales-growth (the highest when compared to all other the quarters of FY2024). For the full year FY2024, the India business recorded a revenue growth of approximately 36% when compared to the prior year.

The company has added 10 new ‘Kalyan’ showrooms (9 Franchisee-Owned-Company Operated “FOCO”) in India during the recently concluded quarter.

In the Middle East, the company witnessed revenue growth of approximately 14% when compared to the same period in the previous financial year driven largely by healthy same-store-sales growth. For the full year FY2024, the Middle East business recorded revenue growth of approximately 11% as compared to the prior year. 

Kalyan Jewellers also launched two new showrooms in the Middle East during the quarter (to be converted to FOCO showrooms during the next 3 months). In addition to the 5 LOIs for FOCO showrooms executed during December 2023, it has 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. 

Middle East contributed ~14% to the company’s consolidated revenue for the recently concluded quarter.

The brand’s digital-first jewellery platform, Candere, recorded a revenue growth of approximately 12% during the recently concluded quarter as compared to the same period during the last year. The company continues to witness encouraging trends in its already opened physical showrooms. For the full year FY2024, Candere recorded revenue de-growth of approximately 17% as compared to the prior year. 

Candere launched 6 showrooms during the recently concluded quarter. 

According to the company, the brand is upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season. As previously announced, it plans to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across Middle East and USA in FY2025. 

For the full year FY2024, the company launched 71 showrooms (net) taking the total number of showrooms as on 31st March 2024 to 253 across India and the Middle East. 

Retail Jeweller News Service