Kalyan Jewellers' shares up over 13% after India operations revenue rises 60% in Q2

Kalyan Jewellers saw robust momentum in both footfalls and revenue across all its markets in India and Middle East in Q2 FY 2022. There has been a greater acceptance of the ‘new normal’, leading to increased walk-ins and more time spent at our showrooms by customers, it said in a press release.

"We witnessed revenue growth of 60 percent for our India operations during the recently concluded quarter, as compared to the same period in the previous year. This was despite the fact that there were lockdown-related disruptions in showroom operations in one of our key states, Kerala. Our showrooms in Kerala resumed operations fully by the second week of August," it said.

The non south markets recorded a higher same store sales growth of 70 percent compared to south markets which recorded same store sales growth of 40 percent. This differential was predominantly due to the temporary closure of showrooms in Kerala during the recent quarter. The overall same store sales growth in India during the quarter was 50 percent.

The overall revenue growth in India has been more broad-based across geographies, driven largely by the fact that 8 of its 10 newly opened showrooms in the current financial year were launched in south India. Non-south markets recorded a revenue growth of 70 percent and south markets recorded a growth of 60 percent.

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Gross margin for the current quarter improved versus the prior quarter, driven largely by the increase in the studded mix, it said.

During the quarter, 92 percent of its showrooms were operational compared to 88 percent during the same period in the previous year. However, as of September 30, 2021 100 percent of its showrooms were operational, it said.

The company opened one new showroom during the quarter taking the total stores opened during the first half of the current financial year to 10.

Its online jewellery platform, Candere, recorded a revenue growth of 45 percent during the quarter, compared to the same period during the last year.

Kalyan Jewellers' share ended 13.32 percent higher today at Rs 79.95.