Kalyan Jewellers Q2 revenue grew by 39% on robust same-store-sales growth

Mumbai: Jewellery retailer Kalyan Jewellers on Monday said its revenue from India operations witnessed an on-year growth of around 39 per cent during the second quarter of 2024-25, led by robust footfalls across markets with a healthy same-store-sales-growth.

"Our India operations witnessed revenue growth of approximately 39 per cent during the second quarter of FY25, compared to the same period of FY24, led by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23 per cent," Kalyan Jewellers said in a regulatory BSE.

Custom duty reduction on gold imports, announced during the 2024-25 Union Budget, resulted in significantly higher levels of footfalls from the last week of July till the end of August, mostly negating the impact of 14 days of Shradh (when sales are typically more muted) and extreme volatility in gold prices, the company said.

In the Middle East, the jewellery retailer witnessed revenue growth of 24 per cent compared to the same period in the previous financial year.

During the recently concluded quarter, the company completed the first set of conversion of owned showrooms to FOCO (Franchise-Owned, Company-Operated) showrooms taking the total number of franchised showrooms in the region to four.

The Middle East contributed 13 per cent to the company's consolidated revenue for the recently concluded quarter, it added.

Its digital-first jewellery platform, Candere, recorded a revenue growth of approximately 30 per cent during the recently concluded quarter, as compared to the same period during the last year. "We launched 12 Candere showrooms during Q2 FY 2025," it added.

Further, the company is planning to open 25 Kalyan showrooms in India, 18 Candere showrooms and the first showroom in the US by Diwali.

"The festive season has just started and we are gearing up with showroom launches, fresh collections and campaigns," it said.

Currently, the total number of showrooms as on September 30, 2024 is 303 (Kalyan India - 231, Kalyan Middle East - 36, Candere - 36), it added.