Kalyan Jewellers India Limited - Quarterly Update: Q2 FY2025

The recently concluded quarter has been a very encouraging one recording consolidated revenue growth of approximately 37% when compared to the same period in the previous financial year.

Our India operations witnessed revenue growth of approximately 39% during Q2 FY2025 as compared to Q2 FY2024, led by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23%. Custom duty reduction on gold imports, announced during the Union Budget, resulted in significantly higher levels of footfalls from the last week of July till the end of August mostly negating the impact of 14 days of Shradh (when sales are typically more muted) during the quarter and extreme volatility in gold prices. In comparison, only two days of Shradh were part of the second quarter in the base year.

We launched 15 Kalyan Franchisee-Owned-Company-Operated "FOCO" showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open over the course of October in line with our previously communicated guidance.

In the Middle East, we witnessed revenue growth of approximately 24% when compared to the same period in the previous financial year. During the recently concluded quarter we completed the first set of conversion of owned showrooms to FOCO showrooms taking the total number of franchised showrooms in the region to four. Middle East contributed ~13% to our consolidated revenue for the recently concluded quarter.

Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 30% during the recently concluded quarter as compared to the same period during the last year. We launched 12 Candere showrooms during Q2 FY 2025.

As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the 51 showrooms already opened, we have drawn up plans to launch another ~25 Kalyan showrooms in India, ~18 Candere showrooms and the first showroom in the U.S. by Diwali. The festive season has just started and we are gearing up with showroom launches, fresh collections and campaigns.

During the recently concluded quarter, we launched 26 net showrooms across Kalyan and Candere formats taking the total number of showrooms as on 30th September 2024 to 303 (Kalyan India - 231, Kalyan Middle East - 36, Candere - 36).

The metrics and other details provided above are subject to Limited Review process by our Statutory Auditors.Post approval of the results for the quarter ended September 30, 2024 by the board of directors, a detailed information update will follow. Revenue figures provided above refer to revenue from sale of goods.

Shares of Kalyan Jewellers India Limited was last trading in BSE at Rs. 701.25 as compared to the previous close of Rs. 712.70. The total number of shares traded during the day was 505412 in over 12017 trades.

The stock hit an intraday high of Rs. 729.10 and intraday low of 673.30. The net turnover during the day was Rs. 349995673.00.

Source : Equity Bulls

Keywords

KalyanJewellersIndia INE303R01014 QuarterlyUpdate Q2FY2025