Kalyan Jewellers Consolidated Revenue Grows 20% YoY In Q2 FY2023

Kalyan Jewellers said that it has achieved consolidated revenue growth of approximately 20 per cent in Q2 FY2023 as compared to the same period in the previous financial year.

Also, it has recorded consolidated revenue growth of approximately 50 per cent in H1 FY2023 as compared to the same period in the previous financial year. Consolidated revenue during the recently concluded quarter grew at a CAGR of 18 per cent over the last three years (i.e. as compared to Q2 FY2020; pre-COVID).

The company said in a press statement, "Our India standalone operations recorded revenue growth of approximately 14 per cent during the recently concluded quarter as compared to the same period in the previous year, despite a strong base (Q2 of the last financial year benefitted from pent-up demand caused by COVID-driven lockdowns in various parts of India during Q1 FY2022). Revenue growth in H1 FY2023 was approximately 48 per cent as compared to the same period in the previous financial year.

While the recently concluded quarter did see heightened levels of competitive intensity across various markets resulting in a lower gross margin than previously seen, we are continuing to see robust operating momentum in our business in India, driven by the resilience of our category, effective execution of growth strategies and our business being a beneficiary of the significant shift in demand towards branded retail chains. Revenue from India operations during the recently concluded quarter grew at a CAGR of approximately 20 per cent over the last three years (i.e. as compared to Q2 FY2020; pre-COVID).

Revenue growth for the recently concluded quarter was more than 65 per cent. The Middle East contributed ~16 per cent to our consolidated revenue for the recently concluded quarter. Given the stability in the operating model for franchised showrooms in India, we have also started preparing for the launch of pilot franchised showrooms in the Middle East.