Kalyan Jewellers Q2 Results: Kalyan Jewellers, one of India’s leading jewellery companies, announced its business update for the second quarter ended September 30, 2024, reporting a consolidated revenue growth of around 37% compared to the same period last year. The company, based in Thrissur, Kerala, attributed this success to strong operating momentum across all markets, with India operations witnessing a remarkable revenue increase of approximately 39% and same-store sales growth of about 23%.
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The reduction in custom duties on gold imports, announced in the Union Budget, significantly boosted customer footfalls from late July to August, offsetting the typically muted sales period of Shradh. In the previous financial year, only two days of Shradh were included in the second quarter, further highlighting this year’s growth.
During Q2, Kalyan Jewellers launched 15 franchisee-owned company-operated (FOCO) showrooms in India and plans to open more locations in October, consistent with its earlier guidance. In the Middle East, the company achieved a revenue growth of approximately 24% compared to the same quarter last year, with the region contributing about 13% to total consolidated revenue.
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Despite these positive developments, Kalyan Jewellers’ stock fell by as much as 4.74%, reaching ₹678.85 on the BSE during trading.
Additionally, Kalyan Jewellers launched 26 new showrooms across its Kalyan and Candere formats, bringing the total number of showrooms to 303 as of September 30, 2024. The digital-first jewellery platform, Candere, also saw a revenue growth of around 30% compared to the same period last year.
