The revenue growth was mainly driven by robust operating momentum on the ground with healthy same-store-sales-growth, it was the highest when compared to all other the quarters of FY2024).
During the quarter, the firm added 10 new ‘Kalyan’ showrooms (9 Franchisee-Owned-Company Operated “FOCO”) in India.
In Q4 FY24, Kalyan Jewellers has recorded a consolidated revenue growth of approximately 34% as compared to the same period a year ago.
The company said, “The recently concluded quarter has been a very encouraging one, having 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.”
In the Middle East, the jewellery retailer witnessed a revenue growth of around 14% year on year, driven largely by healthy same-store-sales growth. The company has launched two new showrooms in the Middle East during the quarter.
Middle East contributed around 14% to the firm’s consolidated revenue for the recently concluded quarter, it added.
The company’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. It continued to witness encouraging trends in its already opened physical showrooms. Candere launched 6 showrooms during the quarter.
“We are 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, in FY2025 we plan to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across Middle East and USA,” Kalyan Jewllers stated in the press release.
For the full year FY2024, the company recorded a consolidated revenue growth of approximately 31% while revenue from the India business jumped around 36% when compared to the prior year.
During FY24, Middle East business recorded revenue growth of about 11% as compared to the previous year. On the other hand, Candere’s revenue declined around 17% as against last year.
For FY2024, the company has launched 71 showrooms (net) taking the total number of showrooms as on 31 March 2024 to 253 across India and the Middle East.
Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.
The jewellery retailer’s consolidated net profit jumped 21.51% to Rs 180.37 crore on 34.47% increase in revenue from operations to Rs 5,223.07 crore in Q3 FY24 over Q3 FY23.
The scrip shed 0.22% to Rs 429.25 on the BSE.