Shares of Kalyan Jewellers India Ltd surged on Friday following a robust operating performance in the June quarter across both Indian and Middle Eastern markets, despite significant volatility in gold prices and a strong comparative base quarter.
The company is optimistic about upcoming showroom launches and is preparing new collections and campaigns for the festive and wedding season, starting with Onam later this quarter. Building on its plan to launch over 130 new showrooms in FY25, Kalyan Jewellers also announced an additional 40 Kalyan showrooms in India, 30 Candere showrooms, and its first US showroom by Diwali.
In the June quarter alone, Kalyan Jewellers opened 24 new showrooms across its Kalyan and Candere formats, bringing the total to 277 showrooms (217 in India, 36 in the Middle East, and 24 Candere) by the end of the quarter.
Kalyan Jewellers’ shares have seen a remarkable increase of 233% over the past year and 703% over the past two years. In 2024 to date, the stock has risen 36%, outperforming the BSE Sensex’s 11% gain.
In its BSE filing, Kalyan Jewellers reported a consolidated revenue growth of approximately 27% for Q1FY2025 compared to the same period last year. The India operations saw a 29% revenue growth, driven by a robust operating momentum and a healthy same-store-sales growth of around 12%. The company launched 13 Franchisee-Owned-Company-Operated (FOCO) showrooms in India during the quarter, with more showrooms in the pipeline.
The Middle Eastern market recorded a 16% revenue growth compared to the same period last year, largely due to same-store-sales growth. This region contributed 15% to Kalyan’s consolidated revenue for the quarter.
Kalyan Jewellers’ digital-first platform, Candere, saw a 13% revenue growth in the quarter compared to the previous year. The company also signed documents to increase its stake in Enovate Lifestyles Private Limited, converting Candere into a wholly-owned subsidiary.
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