Kalyan Jewellers’ stock rises 2.3% anticipating a robust 40% revenue growth in Q3FY24

The Middle East business has also continued to witness positive operating momentum with revenue growth for Q3 FY 2024 at around 6 percent compared to previous fiscal.

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Shares of Kalyan Jewellers’ saw a 2 percent increase at the opening on the NSE following a reported 40 percent revenue growth for their India operations. As of 9:20 am, the stock was trading at Rs 372.40 apiece.

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In a regulatory filing on January 4, Kalyan Jewellers reported a revenue growth of around 40 percent led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country. During the quarter, the company has added 22 net new Kalyan showrooms with 16 of those under the Franchisee Owned Franchisee Operated model.

The Middle East business has also continued to witness positive operating momentum with revenue growth for Q3 FY 2024 at around 6 percent  compared to previous fiscal. According to the release, the Middle East business contributed  around 13 percent to their consolidated revenue for the recently concluded quarter.

Also read: Kalyan Jewellers wants to chart an independent course for ‘ Candere’ brand

As of December 31, 2023, the total number of Kalyan Jewellers showrooms across India and the Middle East has increased to 235 and the company plans to add an additional 30 stores in the ongoing quarter including their 250th store in Ayodhya.

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