The firm witnessed revenue growth of about 12% for its India operations during the recently concluded quarter compared with the same period in the previous year despite a strong base with Q3 of the previous financial year being the first normalized quarter post the COVID-related market dislocation. While momentum in footfall was broad-based across geographies, non-south markets recorded higher revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months.

The company witnessed an expansion in gross margin, which grew sequentially in the recently concluded quarter, driven largely by the improvement in both studded share and share of revenue from non-south markets. The company's studded share saw growth sequentially as well as when compared to the same period in the previous year.

The firm added 5 net new 'Kalyan' showrooms (all non-south) during the recently concluded quarter, taking the total number of showrooms in India to 136 as on 31st December 2022. It expects to open 11 new franchised showrooms across non-south markets over the coming 3 months as part of the targeted launch of 52 new showrooms during CY 2023. It has signed 25 more LoIs (Letters of Intent) with potential franchise partners for showroom launches during the next financial year (FY 2024).

In the Middle East, the company witnessed significant improvement in customer sentiment during the recently concluded quarter, resulting in a revenue growth of about 24% as against the same quarter during the prior year. This growth was mostly same-store-sales driven since the company added only one showroom in the region during the last 12 months. The region contributed about 16% to the consolidated revenue.

The firm's online business recorded a revenue de-growth of about 5% during the quarter, compared to the same period during the last year. Candere launched its second offline store during the recently concluded quarter.

As on 31 December 2022, total number of showrooms across India and the Middle East stood at 169.

Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East. Its consolidated net profit surged 54.78% to Rs 106.38 crore on 20.22% jump in revenue from operations to Rs 3,472.9 crore in Q2 FY23 over Q2 FY22.