Kalyan Jewellers achieves 27% revenue growth in Q1 FY'25, announces major expansion plans

Kalyan Jewellers announced a significant 27% year-on-year increase in consolidated revenue for the first quarter of the 2024-25 fiscal year, attributing this growth to strong performance in both the Indian and Middle Eastern markets.

For the first quarter (April-June) of the 2023-24 fiscal year, the company reported a consolidated net revenue of Rs 4,376 crore.

The Indian operations witnessed a remarkable 29% revenue growth during the first quarter of this fiscal year compared to the same period last year, driven by a 12% growth in same-store sales, as detailed in the company's regulatory filing.

In the Middle East, revenue increased by 16%, accounting for 15% of the total consolidated revenue.

Kalyan Jewellers opened 13 new franchisee-owned-company-operated (FOCO) showrooms across India during the April-June period. Additionally, the company's digital platform, Candere, saw a 13% rise in revenue.

The company also announced plans to convert its Candere business into a wholly-owned subsidiary by increasing its stake.

"The recently concluded quarter has been exceptionally satisfying, reflecting robust performance across all our markets in India and the Middle East, despite volatile gold prices and a strong base quarter," Kalyan Jewellers stated.

Looking ahead, Kalyan Jewellers aims to launch over 130 new showrooms in FY2025. This includes around 40 Kalyan showrooms in India, approximately 30 Candere showrooms, and the first US showroom set to open by Diwali.

With the festive and wedding season on the horizon, starting with Onam, the company remains optimistic about future prospects. As of June 30, 2024, Kalyan Jewellers operated 277 showrooms across its brands.