The company said it witnessed continued robust momentum in footfalls and revenues across all markets in India and Middle East, while effectively navigating through a challenging economic environment.

The company also recorded a consolidated revenue growth of approximately 50% in H1 FY23 as compared to the same period a year ago. Consolidated revenue during the quarter grew at a CAGR of approximately 18% over the last 3 years (i.e. as compared to Q2 FY20; pre-COVID).

The jewellery retailer said that it witnessed a revenue growth of approximately 14% during the quarter as compared to the same period in the previous year, despite a strong base (Q2 of the previous financial year benefitted from pent-up demand caused by COVID-driven lockdowns in various parts of India during Q1 FY2022). Revenue growth in H1 FY23 was approximately 48% as compared to the same period last year.

The company said that the quarter saw heightened levels of competitive intensity across various markets resulting in a lower gross margin than previously seen. The firm continued to see robust operating momentum in its business in India, driven by the resilience of its category, effective execution of growth strategies and its business being a beneficiary of the significant shift in demand towards branded retail chains.

Revenue from India operations during the recently concluded quarter grew at a CAGR of approximately 20% over the last 3 years (i.e. as compared to Q2 FY2020; pre-COVID).

Kalyan Jewellers said that it has developed a strategy and execution roadmap for newly created franchise store initiative, and had opened its first franchised showroom in the prior quarter in line with that strategy. In the quarter, Kalyan Jewellers opened 2 more franchised showrooms and a further 2 in the first week of October 2022, taking the total to 5 franchised showrooms opened so far in the current financial year. Successful launch of the franchise (franchisee owned company operated) showrooms opened thus far has given the confidence to accelerate pace of expansion through this significantly more capital efficient and return accretive path, it added.

In the Middle East, customer sentiments continued to remain buoyant driven largely by the overall recovery in the economic activity in the region. Revenue growth for the recently concluded quarter was more than 65%. Middle East contributed approximately 16% to its consolidated revenue for the quarter. Kalyan Jewellers said, given the stability in the operating model for franchised showrooms in India, the company has started preparing for the launch of pilot franchised showrooms in the Middle East as well. It will be able to launch the first franchised showroom in the region before the end of the current financial year, the firm stated.

The online jewellery platform, Candere recorded a revenue growth of more than 15% during the quarter, compared to the same period during the last. Candere, launched its first physical showroom during the quarter.

Kalyan Jewellers India has added 5 new showrooms in India (all non-south) during the quarter, including first physical showroom by Candere. As of 30 September 2022, the company's total number of showrooms across India and the Middle East stood at 163.

Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.

On a consolidated basis, the company recorded a consolidated PAT at Rs 108 crore in Q1 FY23, as against a loss of Rs 51 crore recorded in Q1 FY22. The company recorded revenue of Rs 3,333 crore for Q1 FY23, a growth of 104% as compared to Rs 1,637 crore posted in the corresponding quarter previous year.

The counter hits a record high of Rs 103.50 in intraday today.