Kalyan Jewellers India Ltd reported a 13% on-year growth in its Oct-Dec consolidated revenue as festival season demand resulted in higher footfall and sales across all markets, the company said in an exchange filing today.
Despite a solid base from the prior year’s quarter, which was the first regular quarter without any pandemic-related disruptions, the Kerala-based jewellery chain’s revenue climbed 12% year over year in India.
Because more showrooms have been opened in recent quarters, the sales rise was more rapid in non-south markets. Approximately 34% of Kalyan Jewellers’ India revenue comes from non-south markets.
During the December quarter, the corporation added five new showrooms, all of which were located outside of southern markets. In India, there were 136 jewellery boutiques open as of the end of December.
Over the next three months, Kalyan Jewellers will launch 11 new franchised showrooms in non-south areas. In the year 2023, the business intends to open 52 new showrooms.
Sales in West Asia, which account for 16% of Kalyan Jewellers’ total revenue, increased 24% year on year in October and December as consumer sentiment improved significantly. However, compared to the prior quarter, the internet business’s revenue was 5% lower.
According to Kalyan Jewellers, an increase in the share of both revenue from non-south markets and studded jewellery during the quarter was what caused the gross margin to increase sequentially.