The company said that overall revenue achievement in India for the recently concluded quarter was approximately 55% of Q1 FY 2020.

A significant portion of the company's revenue for Q1 FY 2022 was booked during the month of April, during which many of the showrooms in non-south markets either remained closed or were operating with restrictions resulting in a higher share of business accruing from south markets, as well as from the gold division. Partly as a result of this phenomenon as well as the continuing impact of the customs duty cut, gross margin in India remained muted and below our historical levels.

Kalyan Jewellers began the first quarter of this financial year with continued robust momentum in both footfalls and revenue, driven largely by the resilience of its category, sustained buoyancy in consumer sentiments and the continuing shift in consumer demand from the unorganized to the organized segment.

Despite only approximately 80% of our showrooms being operational during April 2021, revenue for the month was similar to April 2019 (April 2020 being a COVID-impacted period). Revenue growth was approximately 40% as compared with April 2019 on a same-store-sales basis. The drop in gold savings scheme (GSS) contribution in April 2021 was driven by disruption in scheme enrollments during the prior year period due to lockdowns.

In May 2021, vast majority of the showrooms of the company in India remained closed owing to government-imposed lockdowns. June 2021 saw the lifting of lockdowns across India, and consequently, many showrooms gradually resumed operations during the month, albeit with restricted operating days and hours.

As of 30 June 2021, 92% of the showrooms of the company in India were operational, although only approximately 40% of the showrooms were operational on the weekends.

Recovery trends in customer footfalls and revenue in the showrooms of the company that have re-opened were encouraging, with most showrooms broadly operating at daily levels seen in the prior quarter (Jan-Mar 2021) where the company experienced a very strong revenue performance.

In the Middle East, all showrooms of the company were operational during the recently concluded quarter. However, on the back of a peaking second wave of COVID-19 in India, there were temporary disruptions to business in the region driven largely by the ongoing travel restrictions imposed between India & Middle East, as well as muted consumer sentiment amongst Indian expats in the region.

Revenue achievement for the recently concluded quarter in the Middle East was more than 50% of Q1 FY 2020 despite closing 7 showrooms or approximately 20% of the existing Middle East base during 2020.

Implementation of compulsory hallmarking by the Government of India during the recent quarter has been a landmark event in the evolution of organised jewellery retailing in India. The company expects mandatory hallmarking would standardize the purity of gold jewellery and bring further structure and transparency to the industry, which will accelerate the consumer demand shift from unorganized businesses to organized players.

The company opened 9 showrooms in India in April 2021 taking the total number of showrooms in India to 116 and the total number of showrooms on a consolidated basis to 146.

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.

On a consolidated basis, the company reported 54.2% jump in net profit to Rs 74.18 crore on 42.8% rise in revenue from operations to Rs 3,056.60 crore in Q4 FY21 over Q4 FY20.