Kalyan Jewellers shares jump towards a record high after a glittery business update

Revenue growth in the non-southern markets was driven by the opening of new stores in the past 12 months, the jewellery retailer stated. The company added 13 new Kalyan stores in non-south markets in the September quarter and looks to open 26 new showrooms in the ongoing quarter.

The company earlier announced a store roll out plan to take the total number of new showrooms launched in the current financial year to 51 by Diwali.

For the first half of the current financial year, Kalyan Jewellers' consolidated revenue grew by 29 percent from last year, while the India business grew 33 percent.

“Gross margin at the showroom level has been stable when compared to the same period in the previous financial year,” Kalyan Jewellers said.

As expected, given the higher share of revenue from franchised showrooms, blended gross margin has declined sequentially as well as when compared to the same period in the previous financial year, it added.

Shares of Kalyan Jewellers are trading 6.1 percent higher at Rs 248.7. The stock has doubled so far in 2023 and has gained over 150 percent over the last 12 months.