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Kalyan Jewellers Reports 17% Revenue Growth In Q3
Kalyan Jewellers clocked year-on-year revenue growth of over 15% for its India operations during the recently concluded quarter.
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Kalyan Jewellers has announced that its consolidated revenue growth for the recently concluded quarter was nearly 17%.
The jewellery brand witnessed revenue growth of over 15% in its India operations during the recently concluded quarter, as compared to the same period in the previous year despite a strong base, Q3 of the previous financial year being the first normalized quarter post the initial COVID related market dislocation.
Further, the company's gross margin improved sequentially for the recently concluded quarter.
In a press statement, Kalyan Jewellers noted, "We have witnessed strong momentum in footfalls and revenue over the past four quarters commencing from the same period in the last financial year (Q3 FY 2021). The positive traction continued during this festive season on the back of further easing of COVID-related restrictions across all our markets in India and the Middle East, further supported by increased levels of vaccination and continued buoyancy in consumer sentiments."
On gross margins, Lodha said, "We are encouraged by the expansion in gross margin over the past two quarters, especially as it is nearing the pre-COVID levels. Key drivers for margin expansion have been improvement in both studded share and share of the revenue from non-south markets. Our studded share saw meaningful growth sequentially as well as when compared to the same period in the previous year, driven by the introduction of refreshed updates to our existing studded collections, launch of a new sub brand within the category and a higher share of revenue from the non-south markets. We also witnessed improvement in the Gold Savings Scheme (GSS) enrolments sequentially, as well as when compared to the same period in the previous year."
In the Middle East, Kalyan Jewellers highlighted that it witnessed significant improvement in customer sentiment during the recently concluded quarter, resulting in a revenue growth of over 22% as compared to the same quarter during the prior year. This growth was entirely same-store-sales driven since we did not add any showrooms in the region during the last 12 months. For the first time post the onset of COVID, majority of our showrooms in the region have recorded revenue higher than pre-COVID levels. The region contributed ~15% to our consolidated revenue.
Kalyan Jewellers added 5 new showrooms in India (4 in non-south markets) during the recently concluded quarter. As of 31st December 2021, the company's total number of showrooms across India and the Middle East stood at 151.
The company's online jewellery platform, Candere, recorded revenue growth of over 35% during the quarter, compared to the same period during the last year, demonstrating continued positive traction of our digitally-oriented initiatives, particularly around e-commerce.