31% growth in 2023-24 fiscal driven by better demand despite rise in gold prices
Kochi: Kalyan Jewellers on Friday reported 34 per cent increase in consolidated revenue for the quarter ended March and a 31 per cent growth in the entire 2023-24 fiscal driven by better demand despite rise in gold prices.
The company did not provide the actual revenue figures reported for the fourth quarter and entire FY24.
Thrissur-based Kalyan Jewellers, which has 253 showrooms across India and the Middle East, had posted a revenue of nearly Rs 3,400 crore during the fourth quarter of the last fiscal, and Rs 14,109.33 crore revenue for the entire 2022-23.
“The recently concluded quarter has been a very encouraging one, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East despite a sharp rise in gold price during the second half of the quarter,” the company said in a regulatory filing.
Kalyan Jewellers said it saw a revenue growth of approximately 38 per cent for India operations during fourth quarter of FY24 as compared to the year-ago period, led by robust operating momentum on the ground with healthy same-store-sales growth.
For the full FY24 fiscal year, India business recorded a revenue growth of approximately 36 per cent from over the previous year, it added.
Stating that it is upbeat about the ongoing quarter, Kalyan Jewellers said it is “witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season.”
The company plans to launch a minimum of 130 showrooms in India and six showrooms across the Middle East and the US in FY25.
During FY24, the company opened 71 showrooms, taking the total number of showrooms to 253 across India and the Middle East.
