Kalyan Jewellers Records 13% Revenue Growth In Q3

Kalyan Jewellers on Saturday reported a  record consolidated revenue growth of approximately 13 per cent in Q3 FY23. 

The company witnessed positive momentum in the quarter gone by driven by strong  footfall and revenue across all the markets majorly due to strong festive demand.

“We recorded consolidated revenue growth of approximately 13 per cent in Q3 FY2023 as compared to the same period in the previous financial year, and approximately 35 per cent for YTD (nine months) FY2023 as compared to the same period in the previous financial year,” the company said in its official statement. 

The firm witnessed revenue growth of 12 per cent for its India operations during the recently concluded quarter as compared to the same period in the previous year despite a strong base with Q3 of the previous financial year being the first normalised quarter post the Covid-related market dislocation, according to company’s official statement. 

“While momentum in footfall was broad-based across geographies, non-south markets recorded higher revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months,” it added.  

"Competitive intensity with respect to the metal pricing continues, it is encouraged by the expansion in gross margin, which grew sequentially in the recently concluded quarter, driven largely by the improvement in both studded share and share of revenue from non south markets," the company said. 

“Our studded share saw growth sequentially as well as when compared to the same period in the previous year,” it said. 

The firm added 5 net new ‘Kalyan’ showrooms (all non-south) during the recently concluded quarter, taking the total number of showrooms in India to 136 as on 31 Dec, 2022, as per the statement. 

“We expect to open 11 new franchised showrooms across non-south markets over the coming 3 months as part of the targeted launch of 52 new showrooms during CY 2023. We have signed 25 more LOIs (Letters of Intent) with potential franchise partners for showroom launches during the next financial year (FY 2024),” it said in its regulatory filing. 

The Company said that in the Middle East, it witnessed significant improvement in customer sentiment during the quarter gone by, resulting in a revenue growth of 24 per cent as compared to the same quarter during the prior year.  

“This growth was mostly same-store-sales driven since we added only one showroom in the region during the last 12 months. The region contributed 16 per cent to our consolidated revenue,” it added. 

Kalyan Jewellers’s online business recorded a revenue de-growth of 5 per cent during the quarter, compared to the same period during the last year. Candere launched its second offline store during the recently concluded quarter, as per the statement.