Kalyan Jewellers in the green as revenue from India operations grows 32% YoY

Apart from announcing the percentage growth in revenue for the quarter, the company said that it had opened 13 new showrooms across non-south markets in the quarter and further aims to launch 26 showrooms in the next 40 days.

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Kalyan Jewellers shares were trading 7 percent higher on October 6 morning trade after the retail jeweller announced having recorded a 32 percent year-on-year (YoY) growth in revenue from its domestic operations for the recently concluded July-September quarter.

The company at the same time reported having achieved 27 percent growth on a yearly basis in consolidated revenue, comprising sales from its operations from the Middle East as well.

“The growth was 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, a once in a 3-year phenomenon during which wedding jewellery demand tends to take a pause,” Kalyan Jewellers said in a regulatory filing at the exchanges.

Apart from announcing the percentage growth in revenue for the quarter, the company said that it had opened 13 new showrooms across non-south markets in the quarter and further aims to launch 26 showrooms in the next 40 days. This is supposed to take the total number of new showrooms launched in the ongoing fiscal to 51 by Diwali.

“In addition, we have also signed 6 letters of intent for the first set of pilot franchised showrooms in the south region and we expect to launch these showrooms sometime during the second half of the current financial year,” the note added.

At 11 am on the NSE, the Kalyan Jewellers stock was quoting at Rs 248.65 apiece, up Rs 14.25, or 6.08 percent. Nearly 46 lakh shares exchanged hands at the bourses against a monthly average of 34 lakh shares.

In year-to-date terms, the stock is up nearly 98 percent.

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In its results for the April-June quarter, the company reported a 31.3 percent YoY rise in its revenue from operations at Rs 4,375.7 crore. Net profit for the quarter was up 33.3 percent YoY (year-on-year) at Rs 144 crore. The earnings before interest taxes depreciation and ammortisation (EBITDA) margins for the quarter contracted by 50 basis points on a yearly basis to 7.4 percent.

Kalyan Jewellers Limited, India’s second largest retail jeweller by market cap, is primarily engaged in designing, manufacturing and sale of gold, studded and other jewellery products.

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