The company witnessed robust momentum in both footfalls and revenue across all markets in India and the Middle East recording consolidated revenue growth of around 27% for the Q2 FY24 as compared to the same period in the previous financial year and approximately 29% revenue growth in the first half of the current financial year when compared to the same period in the prior year.

Non-south markets recorded higher revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months. Overall, the first half of the current financial year witnessed around 33% revenue growth in India when compared to the same period in the prior year

Gross margin at the showroom level has stabled as compared to the same period in the previous financial year and the company expected, given the higher share of revenue from franchised showrooms, blended gross margin has declined sequentially as well as when compared to the same period in the previous financial year.

The firm added 13 new Kalyan showrooms across non-south markets during Q2 FY24 and plans to launch approximately 26 new showrooms in the next 40 days as part of the previously announced showroom roll-out plan, taking the total number of new showrooms launched during the current financial year to 51 by Diwali. In addition, the firm has signed 6 LOIs for the first set of pilot franchised showrooms in the south region and it expects to launch these showrooms sometime during the second half of the current financial year.

In the Middle East, the firm continued to witness positive operating momentum. Revenue growth for Q2 FY24 was in excess of 4% while revenue growth for the first half of the current financial year was around 13% as compared to the respective periods in the previous financial year. As previously indicated, Eid holidays-driven sales (recorded during Q1 of the current financial year), which was part of the Q2 revenue base in the prior year, impacted the overall revenue growth during the recently concluded quarter. The firm has launched the first franchised showroom in the Middle East region during the recently concluded quarter and have signed an additional 5 LOIs for franchised showrooms in the region.

Middle East contributed approximately 14% to the company's consolidated revenue for the recently concluded quarter.

The company's digital jewellery platform, Candere, witnessed the launch of its first franchised showroom in Jammu during Q2 FY24. Candere recorded a revenue de-growth of around 15% during the Q2 FY24 as compared to the same period during the last year. However, the firm continuing to witness encouraging trends in its already opened physical showrooms and additionally have signed 25 LOIs with potential franchisees.

The company stated, “we continue to be encouraged by the underlying robust momentum in footfalls across all major markets and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country. It will be unveiling 33 more showrooms before Diwali across Kalyan and Candere formats in India (26 Kalyan and 7 Candere).”

As of September 30, 2023, the company's total number of showrooms across India and the Middle East stood at 209.

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

The company's consolidated net profit jumped 33.31% to Rs 143.89 crore on 31.3% rise in revenue from operations to Rs 4,375.74 crore in Q1 FY24 over Q1 FY23.