Kalyan Jewellers India reports around 27% consolidated revenue growth in Q2FY24

Kalyan Jewellers India has witnessed robust momentum in both footfalls and revenue across all its markets in India and the Middle East recording consolidated revenue growth of around 27% for July-September quarter (Q2FY24) when compared to the same period in the previous financial year and around 29% revenue growth in the first half of the current financial year when compared to the same period in the prior year.

The company saw revenue growth of around 32% for its India operations during Q2FY24 as compared to Q2FY23, led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country despite the Adhik Maas period falling in the quarter from the 3rd week of July until the 3rd week of August, a once in a 3-year phenomenon during which wedding jewellery demand tends to take a pause. However, this impact was mitigated by a fewer number of Shradh days during the recently concluded quarter when compared to the same period in the previous financial year. Non-south markets recorded higher revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months. Overall, the first half of the current financial year witnessed around 33% revenue growth in India when compared to the same period in the prior year. 

The company has added 13 new ‘Kalyan’ showrooms across non-south markets during the recently concluded quarter and plan to launch a further 26 showrooms in the next 40 days, as part of the previously announced showroom roll-out plan, taking the total number of new showrooms launched during the current financial year to 51 by Diwali.

In the Middle East, the company continued to witness positive operating momentum. As previously indicated, Eid holidays-driven sales (recorded during Q1 of the current financial year), which was part of the Q2 revenue base in the prior year, impacted the overall revenue growth during the recently concluded quarter. Revenue growth for Q2FY24 was in excess of 4% while revenue growth for the first half of the current financial year was around 13% as compared to the respective periods in the previous financial year.

Kalyan Jewellers India designs and manufactures gold, diamonds, stones, and other precious metal jewelry products. The company serves customers worldwide.