For the India business, Kalyan’s revenue grew by 39%, led by robust operating momentum on the ground across all markets with same-store-sales growth of nearly 23% during the second quarter.
Kalyan Jewellers India said the reduction in custom duty on gold imports announced in Union Budget, has 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.
In comparison, only two days of Shradh were part of the second quarter in the base year, the jewellery company said in an exchange filing.
In the Middle East, Kalyan Jewellers witnessed a revenue growth of approximately 24%, compared to the same period in the previous financial year.
The company has completed the first set of conversion of owned showrooms to FOCO showrooms, taking the total number of franchised showrooms in the region to four. Middle East contributed 13% to its consolidated revenue for the recently concluded quarter.
Kalyan’s digital-first jewellery platform, Candere, recorded a revenue growth of approximately 30%, compared to the same period during the last year. The company launched 12 Candere showrooms during Q2 FY25.
The jeweller has launched 15 Kalyan Franchisee-Owned-Company-Operated ‘FOCO’ showrooms in India, with a strong pipeline of showrooms set to open over the course of October.
“As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the 51 showrooms already opened, we have drawn up plans to launch another 25 Kalyan showrooms in India, 18 Candere showrooms and the first showroom in the US by Diwali,” it said.
The company launched 26 net showrooms across Kalyan and Candere formats, taking the total number of showrooms as on September 30, 2024 to 303.
On Friday, shares of Kalyan Jewellers India Ltd. closed 2.09% lower at ₹715.25. The stock has rallied 97% so far in 2024.