Prime Highlights
- Kalyan Jewellers posted 64% consolidated revenue growth in Q4, driven by 45% same-store sales growth across India.
- Digital platform Candere surged 360% in Q4 revenue, emerging as the quarter’s standout performer.
Key Facts
- International operations grew 45% in Q4, contributing 11% to total quarterly revenue.
- Kalyan closed the year with 507 showrooms globally, adding 38 new outlets in the March quarter.
Background
Kalyan Jewellers shares climbed as much as 4% in the first week of April after the company reported a strong business update for the March quarter.
The jewellery manufacturer posted consolidated revenue growth of 64% in the March quarter compared to the same period last year. For the full financial year, total revenue grew 42% year-on-year.
India operations posted 65% growth in the quarter, driven by strong same-store sales growth (SSSG) in key markets. SSSG for the quarter stood at 45%. The company said wedding and discretionary demand stayed robust despite volatile gold prices. For the full year, India’s revenue grew 43%.
International operations also delivered 45% revenue growth during the quarter. The Middle East segment grew nearly 39%, helped by solid same-store sales. Geopolitical tensions in the region affected customer footfall during the first three weeks of March. Moreover, strong performance in the last 10 days of the month during Ramadan sales negated all slowdowns. International business contributed 11% to the company’s total revenue for the quarter and grew 33% for the full year.
Candere, the digital-first platform for jewelry stores, became the standout performer. It posted revenue growth of over 360% for the quarter and 160% for the full year.
Kalyan Jewellers expanded with 24 new stores in India and 14 new Candere retail outlets during the quarter. Supply-chain disruptions caused by geopolitical tensions in West Asia delayed some store launches. As of the end of March, the company operated 507 showrooms — 342 in India, 38 in the Middle East, two in the US, one in the UK, and 124 Candere stores.
The company expressed confidence in the current quarter, citing encouraging bookings for Akshaya Tritiya and the upcoming wedding season. Shares were trading 1.8% higher at ₹427.65.