Kalyan Jewellers reports robust revenue growth of over 65% in June quarter

Jewellery retailer Kalyan Jewellers on Thursday said it witnessed continued momentum in both footfall and revenue across all our markets in India and the Middle East in the first quarter of this financial year.

"We witnessed consolidated revenue growth of over 105 per cent in the first quarter of FY23, compared to the same period in the previous financial year," Kalyan Jewellers said in a statement.

The company witnessed revenue growth of over 115 per cent in its India operations during the recently concluded quarter, as compared to the corresponding period in FY22.

"We are continuing to see strong operating momentum in our business in India, driven by the resilience of our category. Further, we believe our business has been a significant beneficiary of the shift in demand from the unorganised to the organised segment, further benefitted by the strength of our brand and the agility of our business model through the pandemic," the company added.

In the June quarter, Kalyan Jewellers launched its first franchised showroom in Aurangabad, Maharashtra.

In the Middle East, the company continued to witness strong revenue momentum driven largely by the overall recovery in the economic activity in the region and the return of tourist traffic, which has been visible over the past several quarters.

Revenue growth for the recently concluded quarter was over 65 per cent in the Middle East.

Unlike in India, during the first quarter of FY22 (base year), showroom operations in the Middle East remained uninterrupted even though demand was impacted to some extent due to travel restrictions to India, the company said.

Middle East contributed 17 per cent to the jewellery retailer's consolidated revenue for the quarter under review.

Meanwhile, the company's online jewellery platform, Candere, recorded a revenue growth of over 80 per cent during the quarter as compared to the same period during the last year.

Further, the company added four new showrooms (3 in non-south and 1 in Middle East) during the recently ended quarter, including its first franchised showroom.

As of June 2022, the total number of showrooms across India and the Middle East stood at 158.