KALYAN JEWELLERS QUARTERLY UPDATE: Q1 FY2025
5th July 2024
The recently concluded quarter has been a very satisfying one, having witnessed robust operating performance across all our markets in India and the Middle East despite extreme volatility in gold prices and a strong base quarter. Q1 FY2025 recorded consolidated revenue growth of approximately 27% when compared to the same period in the previous financial year.
We saw revenue growth of approximately 29% for our India operations during Q1 FY2025 as compared to Q1 FY2024, led by robust operating momentum on the ground with healthy same-store-sales-growth of approximately 12%.
We launched 13 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open in the coming quarters in line with our previously communicated guidance.
In the Middle East, we witnessed revenue growth of approximately 16% when compared to the same period in the previous financial year, driven largely by same-store-sales growth. Middle East contributed ~15% to our consolidated revenue for the recently concluded quarter.
Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 13% during the recently concluded quarter as compared to the same period during the last year. During the recently concluded quarter, we have signed documentation to increase our stake in the business and hence convert Enovate Lifestyles Private Limited (Candere) to a wholly owned subsidiary of Kalyan Jewellers India Limited.
We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country, starting with Onam towards the end of the current quarter. As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the showrooms already opened, we have drawn up plans to launch another ~40 Kalyan showrooms in India, ~30 Candere showrooms and the first showroom in the U.S. by Diwali.
During the recently concluded quarter, we launched 24 showrooms across Kalyan and Candere formats taking the total number of showrooms as on 30th June 2024 to 277 (Kalyan India – 217, Kalyan Middle East – 36, Candere – 24).
