Kalyan Jewellers Reports Strong Q1 FY 2025 Performance

On July 5, 2024, Kalyan Jewellers India Limited announced their financial performance for the quarter ended June 30, 2024.

The company announced that Q1 FY 2025 has been highly satisfying. It showcased robust operating performance across all markets in India and the Middle East despite significant volatility in gold prices and a strong base quarter. Consolidated revenue grew by approximately 27% compared to the same period in the previous financial year.

In India, their revenue growth reached approximately 29% for Q1 FY 2025 compared to Q1 FY 2024, driven by strong operating momentum and healthy same-store sales growth of about 12%. The company launched 13 Kalyan Franchisee-Owned-Company-Operated (FOCO) showrooms in India during this quarter and has a strong pipeline of new showrooms set to open in the coming quarters, as previously communicated.

In the Middle East, Kalyan Jewellers’ revenue grew by approximately 16% compared to the same period last year, mainly driven by same-store sales growth. They stated that the Middle East market contributed around 15% to the consolidated revenue for the recently concluded quarter.

Candere, the company’s digital-first jewellery platform, saw revenue growth of approximately 13% during the quarter compared to the same period last year. The company has signed documentation to increase its stake in Enovate Lifestyles Private Limited (Candere), converting it into a wholly-owned subsidiary of Kalyan Jewellers India Limited.

The company is optimistic about upcoming showroom launches and is preparing fresh collections and campaigns for the upcoming festive and wedding season, starting with Onam at the end of the current quarter. As part of the plan to launch over 130 new showrooms during the current financial year, the company has plans to open around 40 more Kalyan showrooms in India, about 30 Candere showrooms, and the first showroom in the U.S. by Diwali.

In the recently concluded quarter, the company launched 24 new showrooms across Kalyan and Candere formats, bringing the total number of showrooms to 277 as of June 30, 2024 (Kalyan India – 217, Kalyan Middle East – 36, Candere – 24).

On July 5, 2024, the share price of Kalyan Jewellers India Ltd opened at ₹496.55, touching the day’s high at ₹505.00, as of 9:39 AM on the NSE.

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