“We are encouraged to see continued robust consumer demand and revenue growth, driven primarily by the resilience of our category and the strength of our brand proposition, despite the broader context of a soft consumer discretionary environment in India,” the company stated in exchange filing.

Gross margin in India remained at similar levels as compared to the previous year, despite a higher share of franchise revenue during the recently concluded quarter.

The firm added 11 new 'Kalyan' showrooms (9 franchised, 2 owned) across non-south markets during the recently concluded quarter, taking the total number of ‘Kalyan' showrooms in India to 147 as on 31st March 2023. It expects to open 15 new showrooms across non-south markets over the coming 3 months as part of previously communicated vision of launching 52 new showrooms during the current year. It has executed letter of intent (LOIs) for virtually all the showrooms proposed to be opened during FY2024.

In the Middle East, the firm witnessed positive business momentum and revenue growth of approximately 27% during the recently concluded quarter as compared to the same period in the previous year. The region contributed approximately 16% to its consolidated revenue. It added two new showrooms in the region during the recently concluded quarter, taking the total number of showrooms in the region to 33.

The firm's online business recorded a revenue de-growth of approximately 16% during the recently concluded quarter as compared to the same period during the last year. During FY2024, it intends to significantly add to the offline presence of the brand which currently stands at two showrooms (both launched during FY 2023).

For the full year FY 2023, the company recorded a revenue growth of approximately 29% over the prior year on a consolidated basis, with its India business recording revenue growth of approximately 28% as compared to the prior year. Consolidated revenue grew at a CAGR of approximately 12% over the last 3 years (i.e. as compared with FY2020; pre-COVID) while India revenue grew at a CAGR of approximately 14% for the same period.

As on 31st March 2023, total number of showrooms across India and the Middle East stood at 182.

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

Kalyan Jewellers India's consolidated net profit rose 10.34% to Rs 148.44 crore on 13.06% increase in revenue from operations to Rs 3,884.09 crore in Q3 FY23 over Q3 FY22.

The scrip was up 0.05% to Rs 106.40 on the BSE.