Kalyan Jewelers Announces 34% Increase in Fourth Quarter Sales

Kalyan Jewelers on Friday reported a 34 per cent rise in consolidated sales for the quarter ended March and 31 per cent growth for the entire fiscal 2023-24 on improving demand despite rising gold prices. The company did not provide actual reported revenue figures for the fourth quarter and FY24 as a whole.

Kochi-based Kalyan Jewellers, which has 253 showrooms across India and the Middle East, posted a revenue of nearly Rs 3,400 crore during the fourth quarter of the last fiscal and Rs 14,109.33 crore for the full year 2022-23. Recorded.

“The recently concluded quarter was a very encouraging one, as we continued to witness strong momentum in both visitor numbers and revenue across all our markets in India and the Middle East, despite a sharp rise in gold prices in the second half of the quarter,” the company said. . It said in a regulatory filing.

Kalyan Jewelers said it recorded revenue growth of around 38% year-on-year in its India business in Q4 FY24, driven by strong operating momentum coupled with healthy same-store sales growth.

For the entire financial year FY24, the India business recorded revenue growth of around 36% year-on-year, it added.

Stating that it is optimistic about the ongoing quarter, Kalyan Jewelers said, “We are witnessing encouraging trends in both Akshaya Tritiya’s pre-collections and wedding purchases for the festive/wedding season.” The company plans to open at least 130 showrooms in India and six across the Middle East and the US in FY25.

During FY24, the company opened 71 showrooms, taking the total number of showrooms across India and the Middle East to 253.