The rise in revenue was mainly driven by robust operating momentum on the ground with healthy same-store-salesgrowth (similar to levels seen in Q2 FY24) across all the key markets in the country.

Kalyan Jewellers stated, “The recently concluded quarter has been a very satisfying one, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East. We have achieved this positive operating performance despite multiple headwinds during the quarter, such as extreme volatility in gold prices, a higher number of “Shradh” days compared to the prior year and flash floods in certain parts of Tamil Nadu which affected retail sales for almost a week.”

The recently concluded quarter recorded consolidated revenue growth of over 33% when compared to the same period in the previous financial year, it added.

The company added 22 net new ‘Kalyan’ showrooms in India during the quarter. While only 16 of these were under the FOCO (franchisee owned franchisee operated) model, it expects the company-owned showrooms launched during the previous quarter to be converted to FOCO during the ongoing quarter.

Additionally, the firm has completed signing letter of intent (LOIs) for the 80 showrooms planned for FY 2025 with a significant majority of these being established under a revised franchise model with further improved economics for Kalyan, it added in the press release.

In the Middle East, the company continued to witness positive operating momentum. Revenue growth for Q3 FY24 was around 6% when compared to the same period in the previous financial year. Middle East contributed about 13% to the firm’s consolidated revenue for the quarter.

The online jewellery platform, Candere, recorded a revenue de-growth of around 34% during the quarter as compared to the same period during the last year. However, the firm continues to witness encouraging trends in its already opened 7 physical showrooms. Kalyan Jewellers added that it continue to be encouraged by the underlying momentum in footfalls across all its major markets and is gearing up with fresh collections and campaigns for the upcoming wedding season across the country.

As of 31 December 2023, the company’s total number of showrooms across India and the Middle East stood at 235. During the ongoing quarter, the firm plan to add another 15 ‘Kalyan’ showrooms in India, 2 ‘Kalyan’ showrooms in the Middle East and 13 ‘Candere’ showrooms. The ongoing quarter should witness the launch of company’s 250th showroom in Ayodhya.

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

Shares of Kalyan Jewellers India shed 0.21% to Rs 363 on the BSE. The counter hit an all-time high at Rs 379.35 in today’s intraday session.