Revenue growth for the first two months of the quarter (January & February) was approximately 35%, while growth in March was significantly higher, skewed by the loss of sales, experienced in the base due to the COVID-19 pandemic's impact on retail operations in March 2020. The vast majority of growth in the recent quarter was same store sales driven, as only two stores were opened during the past one year period.

The company believes a significant driver of recent revenue growth momentum in India has been a meaningful shift in consumer demand from the unorganized to the organized segment, which has been evident in the increase in footfalls seen across the company's store network. Growth in India was broad-based across geographies, although the growth in South India was better than in Non South. While the jeweller saw growth in higher-margin studded product portfolio, the acceleration in demand for our plain gold jewellery products was higher, particularly for faster-moving, staple, regionally-oriented gold jewellery collections which carry lower making charges.

However, company said its gross margin in the most recent quarter has been adversely impacted, partly due to a combination of the previously mentioned factors, as well as the recently announced reduction in customs duty.

In the Middle East, the company said its business continued to recover from COVID-19 related dislocations as restrictions are gradually being lifted within the markets it operates. For Q4 FY 2021, company's Middle East business witnessed a decline in revenues of approximately 20% over Q4 FY 2020, partially attributable to closing of 7 stores out of 37 stores during FY 2021.

Kalyan Jewellers is one of the largest jewellery companies in India in terms of revenues. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is the highest-selling product category for the company, to daily-wear jewellery.

Shares of Kalyan Jewellers India entered the bourses on 26 March 2021. The stock was listed at Rs 73.90, a discount of 15.06% to the IPO price. The IPO of Kalyan Jewellers India was subscribed 2.61 times. The issue opened for bidding on 16 March 2021 and closed on 18 March 2021. The price band for the IPO was set at Rs 86-87 per share.