Kalyan Jewellers India shares Q4 update: Sales up 34%; jeweller adds 10 'Kalyan' showrooms in India

Kalyan Jewellers India Ltd on Friday said the recently concluded March quarter was encouraging , having witnessed robust momentum in both footfalls and revenue across its markets in India and the Middle East, despite a sharp rise in gold price during the second half of the quarter.

Th jeweller said its consolidated revenue grew 34 per cent for the quarter on yearly basis. For the quarter, Kalyan Jewellers India added 10 new ‘Kalyan’ showrooms (9 franchisee-owned-company operated) in India. It also launched two new showrooms in the Middle East in Q4, which will be converted to FOCO showrooms in the next 3 months. .

"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. Middle East contributed 14 per cent to our consolidated revenue for the recently concluded quarter," Kalyan Jewellers India said.

For FY2024, it recorded revenue growth of approximately 31 per cent on a consolidated basis.

"We saw revenue growth of approximately 38 per cent for our 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)," it said.

Kalyan Jewellers India  said the India business recorded a revenue growth of approximately 36 per cent for the quarter. In the Middle East, it witnessed revenue growth of 14 per cent, driven largely by healthy same-store-sales growth.

For the full year FY2024, the Middle East business recorded revenue growth of 11 per ecnt as compared to the prior year.

"Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 12 per cent during the recently concluded quarter as compared to the same period during the last year. We continue to witness encouraging trends in its already opened physical showrooms," it said.

For FY24, Candere recorded revenue de-growth of approximately 17 per cent. Candere launched 6 showrooms during the recently concluded quarter.