CHENNAI: Kalyan Jewellers has witnessed a consolidated revenue growth of 33% in the third quarter compared to the same period last year. Revenue growth of its India business increased 40% in the quarter, the company said in the Q3 FY2024 business update.
This is led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country, similar to levels seen in the previous quarter, the company said in exchange filings.
Revenue growth in the Middle East for the quarter was at 6% compared to the same period in the previous financial year and contributed 13% to the consolidated revenue. Kalyan Jewellers has added 22 new showrooms in India during the quarter. About 16 of these were under the franchise owned franchisee operated model (FOCO), and it plans to convert more company-owned showrooms, launched during the previous quarter to FOCO model in the current quarter.
It also plans to add another 15 Kalyan showrooms in India, two in the Middle East and 13 Candere showrooms in Q4, including the launch of the company’s 250th showroom in Ayodhya. The Jeweller has signed a letter of intent for 80 showrooms planned for 2025 financial year with a majority of these being established under a franchise model. The company has set out a goal to move towards an asset-light model with more franchise operated stores.