The recently concluded quarter of Q4 FY2024 has been a very encouraging one, Kalyan Jewellers stated in its quarter update, having witnessed continued robust momentum in both footfalls and revenue across all its markets in India and the Middle East despite a sharp rise in gold price during the second half of the quarter.
Q4 FY2024 recorded consolidated revenue growth of approximately 34 percent when compared to the same period in the previous financial year. For the full year FY2024, Kalyan Jewellers recorded revenue growth of approximately 31 percent on a consolidated basis as compared to the prior year.
The South-based company saw revenue growth of approximately 38 percent for its India operations during Q4 FY2024 as compared to Q4 FY2023, led by robust operating momentum on the ground with healthy same-store-sales-growth (the highest when compared to all other the quarters of FY2024). For the full year FY2024, the India business recorded a revenue growth of approximately 36 percent when compared to the prior year.
The company added 10 new ‘Kalyan’ showrooms (9 Franchisee-Owned-Company Operated “FOCO”) in India during the recently concluded quarter. In the Middle East, it witnessed revenue growth of approximately 14 percent when compared to the same period in the previous financial year driven largely by healthy same-store-sales growth. For the full year FY2024, the Middle East business recorded revenue growth of approximately 11 percent as compared to the prior year.
Kalyan Jewellers' digital-first jewellery platform, Candere, recorded a revenue growth of approximately 12 percent during the recently concluded quarter as compared to the same period during the last year. The company said, "We continue to witness encouraging trends in its already opened physical showrooms. For the full year FY2024, Candere recorded revenue de-growth of approximately 17 percent as compared to the prior year."
It added, "We are upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season."
In FY2025, Kalyan Jewellers plans to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across the Middle East and USA.
For the full year FY2024, the company launched 71 showrooms (net) taking the total number of showrooms as on 31st March 2024 to 253 across India and the Middle East.
