Kalyan Jewellers India Limited, one of India's leading jewellery companies, reported strong growth in both footfalls and revenue across all its markets in India and the Middle East, despite a sharp rise in gold prices during the second half of the quarter.
For Q4 FY2024, Kalyan Jewellers recorded a consolidated revenue growth of approximately 34% compared to the same period in the previous financial year. The full-year FY2024 saw a consolidated revenue growth of approximately 31% compared to the prior year.
"We are upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season. As previously announced, in FY2025 we plan to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across Middle East and USA," the company said in its quarterly update.
The India operations witnessed a revenue growth of approximately 38% during Q4 FY2024 compared to Q4 FY2023, driven by robust operating momentum and healthy same-store-sales-growth.
For the full year FY2024, the India business recorded a revenue growth of approximately 36% compared to the previous year. The company added 10 new 'Kalyan' showrooms (9 Franchisee-Owned-Company Operated "FOCO") in India during the recently concluded quarter.
In the Middle East, Kalyan Jewellers reported a revenue growth of approximately 14% compared to the same period in the previous financial year, largely driven by healthy same-store-sales growth.
For the full year FY2024, the Middle East business recorded revenue growth of approximately 11% compared to the prior year. The company launched two new showrooms in the Middle East during the quarter, which will be converted to FOCO showrooms over the next 3 months.
Candere, the company's digital-first jewellery platform, recorded a revenue growth of approximately 12% during Q4 FY2024 compared to the same period last year. However, for the full year FY2024, Candere recorded a revenue de-growth of approximately 17% compared to the prior year. The platform launched 6 showrooms during the recently concluded quarter.
Kalyan Jewellers remains optimistic about the ongoing quarter and is witnessing encouraging trends in advance collections for both Akshaya Tritiya and wedding purchases for the festive/wedding season. The company plans to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across the Middle East and USA in FY2025.
For the full year FY2024, Kalyan Jewellers launched a net total of 71 showrooms, taking the total number of showrooms to 253 across India and the Middle East as of March 31, 2024.