Kalyan Jewellers India rose 1.53% to Rs 72.90 after the company said its consolidated revenue growth for the recently concluded quarter was about 17%.
Kalyan Jewellers said it clocked year-on-year revenue growth of over 15% for its India operations during the recently concluded quarter.The company said it witnessed strong momentum in footfalls and revenue over the past four quarters commencing from the same period in the last financial year (Q3 FY2021). The positive traction continued during this festive season on the back of further easing of COVID-related restrictions across all its markets in India and the Middle East, supported by increased levels of vaccination and continued buoyancy in consumer sentiments.
The firm said its gross margin improved sequentially for the recently concluded quarter. Key drivers for margin expansion have been improvement in both studded share and share of revenue from non-south markets. The company also witnessed improvement in the Gold Savings Scheme (GSS) enrollments sequentially, as well as when compared to the same period in the previous year.
In the Middle East, the company clocked revenue growth of over 22% during the recently concluded quarter compared to the same quarter during the prior year. This growth was entirely same-store-sales driven since the company did not add any showrooms in the region during the last 12 months. The region contributed about 15% to the consolidated revenue.
The company's online jewellery platform, Candere, recorded a revenue growth of over 35% during the quarter, compared to the same period during the last year, demonstrating continued positive traction of our digitally-oriented initiatives, particularly around e-commerce.
All the company's showrooms across India and Middle East were fully operational during the recently concluded quarter. However, there were minor disruptions to showroom operations in certain parts of Kerala and Tamil Nadu owing to floods in the region.
Kalyan Jewellers added 5 new showrooms in India (4 in non-south markets) during the quarter. As of 31 December 2021, the company's total number of showrooms across India and the Middle East stood at 151.
On a consolidated basis, Kalyan Jewellers India reported net profit of Rs 68.73 crore in Q2 September 2021 as against net loss of Rs 136.18 crore in Q2 September 2020. Net sales rose 60.66% to Rs 2,888.70 crore in Q2 September 2021 over Q2 September 2020.
Kerala-based Kalyan Jewellers is one the largest jewellery retailers in India with presence in the Middle East.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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