Gross margin at the showroom level has improved as compared to the same period in the previous financial year and has remained broadly in line with the prior quarter

The firm added 12 new Kalyan showrooms across non-south markets during the recently concluded quarter and expects to launch approximately 20 new showrooms across non-south markets before Diwali, as part of its previously communicated plan of launching 52 new showrooms during the current year.

In the Middle East, the firm continued to witness robust momentum in footfalls and revenue driven by strong economic activity in the region. Revenue growth for the recently concluded quarter was around 21%. The growth in the recently concluded quarter was predominantly same-store-sales driven since network expansion in the region during the last twelve months has not been meaningful. Middle East contributed approximately 16% to its consolidated revenue for Q1 FY24.

The company expects to launch the first FOCO (Franchisee Owned Company Operated) showroom in the region during Q2 FY24.

The company's online jewellery platform, Candere, recorded a revenue de-growth of around 22% during Q1 FY24 as compared to Q1 FY23. However, the firm witnessing encouraging trends in Candere's already opened two physical showrooms and as part of the previously announced omni-channel growth strategy for the platform, it also plan to launch about 20 physical showrooms of Candere during the next 6 months.

As of June 30, 2023, the firm total number of showrooms across India and the Middle East stood at 194.

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

The company reported 3.05% decline in net profit to Rs 70.08 core despite of 18.37% jump in revenue from operations to Rs 3,381.80 crore in Q4 FY23 over Q4 FY22.

The scrip hit an all time high of Rs 165.10 in intraday today.