Kalyan Jewellers consolidated revenue growth for the recently concluded quarter was approximately 17 per cent, the company reported through an exchange filing.

The company continued to see strong operating momentum in their business in the recently concluded quarter despite the sharp rise in gold prices during the second half of the quarter. The company is encouraged to see continued robust consumer demand and revenue growth, driven primarily by the resilience of their category and the strength of their brand proposition, despite the broader context of a soft consumer discretionary environment in India.

For the full year FY 2023, Kalyan Jewellers recorded a revenue growth of approximately 29 per cent over the prior year on a consolidated basis, with their India business recording revenue growth of approximately 28 per cent as compared to the prior year. Consolidated revenue grew at a CAGR of approximately 12 per cent over the last 3 years (i.e. as compared with FY2020; pre-COVID) while India revenue grew at a CAGR of approximately 14 per cent for the same period.

The company’s India operations witnessed revenue growth of approximately 16 per cent during the recently concluded quarter as compared to the same period in the previous year. While momentum in footfall was broad-based across geographies, non-south markets recorded higher revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months. In line with their previously stated strategy, the revenue share of their non-south business as well as the share of studded jewellery has continued to see an increase year over year.

Kalyan Jewellers gross margin in India remained at similar levels as compared to the previous year, despite a higher share of franchise revenue during the recently concluded quarter.

The company added 11 new ‘Kalyan’ showrooms (9 franchised, 2 owned) across non-south markets during the recently concluded quarter, taking the total number of ‘Kalyan’ showrooms in India to 147 as on 31st March 2023, in line with their target for the quarter. The company expects to open 15 new showrooms across non-south markets over the coming 3 months as part of their previously communicated vision of launching 52 new showrooms during the current year. Over the last 3 months, Kalyan Jewellers have executed LOIs for virtually all the showrooms proposed to be opened during FY2024.

In the Middle East, positive business momentum continues and the company has witnessed revenue growth of approximately 27 per cent during the recently concluded quarter as compared to the same period in the previous year. The region contributed approximately 16 per cent to their consolidated revenue. The company also added two new showrooms in the region during the recently concluded quarter, taking the total number of showrooms in the region to 33.

Its online business recorded a revenue de-growth of approximately 16 per cent during the recently concluded quarter as compared to the same period during the last year. During FY2024, the company intends to significantly add to the offline presence of the brand which currently stands at two showrooms (both launched during FY 2023).

The company is witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases during the current quarter. Kalyan Jewellers are upbeat about the upcoming festive/wedding season and have commenced campaigns around fresh collections and sub brands.

As on 31st March 2023, the total number of showrooms across India and the Middle East stood at 182.