Curated By: Business Desk
Last Updated: October 09, 2023, 12:17 IST
The company achieved 29 per cent growth in the first half of the ongoing financial year.
Meanwhile, on October 6 morning, the shares of Kalyan Jewellers were trading at 7 per cent higher.
Shares of Kalyan Jewellers witnessed significant growth across India and the Middle East in the September quarter. Kalyan Jewellers India Ltd saw its share surge by 6 per cent in Friday’s trade. Reportedly, the company recorded a consolidated revenue growth of 27 per cent YoY for the quarter. The company achieved 29 per cent growth in the first half of the ongoing financial year.
Meanwhile, on the morning of October 6, the shares of Kalyan Jewellers were trading 7 per cent higher. The development came after the jeweller declared that it had recorded a 32 per cent year-on-year (YoY) growth in revenue from its domestic operations for the July-September quarter.
At the same time, the company also reported 27 per cent growth on a yearly basis in consolidated revenue. This includes sales from its operations in the Middle East.
In a regulatory filing at the exchanges, Kalyan Jewellers said, “The growth was led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country despite the Adhik Maas period falling in the quarter, a once in 3-year phenomenon during which wedding jewellery demand tends to take a pause.”
Meanwhile, the retail jewellers also revealed they have inaugurated 13 new showrooms across non-south markets in the quarter. It plans to launch 26 more showrooms in the next 40 days. Once the new showrooms are opened, the number of total showrooms launched in the ongoing fiscal will increase to 51.
“In addition, we have also signed 6 letters of intent for the first set of pilot franchised showrooms in the south region and we expect to launch these showrooms sometime during the second half of the current financial year,” the jeweller added.
It is worth noting that the stock of the Kalyan Jewellers was priced at Rs 248.65 a piece, up Rs 14.25, or 6.08 per cent at 11 a.m., October 6 on the NSE. For the April-June quarter, the company noted a 31.3 per cent YoY growth in its revenue from operations at Rs 4,375.7 crore. Additionally, the Net profit for the quarter rose by 33.3 per cent YoY (year-on-year) at Rs 144 crore.
