Shares of Kalyan Jewellers India Ltd. gained as much as 6 percent in early trade on Monday after the company's consolidated revenue grew 13 percent in the December quarter.
Growth was led by the non-south market, which saw higher revenue growth due to greater number of showrooms launched over the last 12 months. The management said that momentum in footfalls was broad-based across geographies. It also added five new showrooms during the December quarter, taking the total number of showrooms in India to 136.
The company's India business grew 12 percent from last year, despite a strong base as last year was the first normalised quarter post the disruption due to the pandemic.
For the nine months of the current financial year, the company's revenue growth has been 35 percent from last year.
The company also expects to open 11 new franchised showrooms in the non-south market over the next three months, as part of the targeted launch of 52 new showrooms in 2023. It has also signed more than 25 Letters of Intent with potential franchise partners for showroom launches in the next financial year.
However, the company's online business saw a revenue decline of 5 percent during the quarter.
Gross margin for the quarter improved compared to the September period driven by the improvement in studded share and share of revenue from the non-south market.
The company's middle east business saw significant improvement in consumer sentiment, resulting in a revenue growth of 24 percent year-on-year. The region contributed 16 percent to the company's consolidated revenue.
Shares of Kalyan Jewellers are currently trading 4 percent higher at Rs 125.10.
First Published: Jan 9, 2023 10:26 AM IST
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