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Kalyan Jewellers registers revenue growth of 34% for its India operations in Q1

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Overall Q1 revenue of the company increases 31% compared to Q1 FY 2023; brand expects to launch 20 new showrooms across non-South markets before Diwali

Kalyan Jewellers has reported that its consolidated revenue growth for the recently concluded quarter was nearly 31% compared to the same period in the previous financial year.

“The recently concluded quarter has been yet another positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East over the past several quarters,” Kalyan Jewellers said in an exchange filing.

The jewellery firm witnessed revenue growth of 34% for its India operations during the recently concluded quarter, compared to Q1 FY 2023.

“Strong operating momentum has been consistent and sustained through the entire quarter, including during Akshaya Tritiya, underpinning the resilience of our category within the overall consumption basket and demonstrating strong execution in the market by our operating team on the ground,” the company said.

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While momentum in same-store revenue growth was broad-based across geographies, non-South markets recorded higher overall revenue growth largely due to the greater number of showrooms launched in that region over the last 12 months, it added.

Following the Q1 business update, Kalyan Jewellers shares surged 8% and hit a 52-week high at Rs 166.5 on the BSE. Meanwhile, in the last year, the stock delivered returns of 143% to investors.

The firm also stated that it added 12 new showrooms across non-South markets during the recently concluded quarter and expects to launch 20 new showrooms across non-South markets before Diwali.

The brand’s online jewellery platform, Candere, recorded a revenue de-growth of 22% during the recently concluded quarter as compared to the same period during the last year. However, the company said it is witnessing encouraging trends in Candere’s two physical showrooms. As part of the previously announced omni-channel growth strategy for the platform, the company plans to launch 20 physical showrooms of Candere during the next six months.

“In the Middle East, we continued to witness robust momentum in footfalls and revenue driven by strong economic activity in the region. Revenue growth for the recently concluded quarter was 21%,” the company said.

The jewellery firm further said that it is expecting to launch the first FOCO (Franchisee Owned Company Operated) showroom in the region during Q2 FY24.

“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,” it said.

As of June 30, 2023, Kalyan Jewellers’ total number of showrooms across India and the Middle East stood at 194.

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