Shares of Kalyan Jewellers India fell as much as 5 percent on October 7 as investors rushed to book profits off the stock after the company released strong Q2 business updates. The 40 percent run-up in the stock in the past three months gave investors plenty leeway to take home partial profit, resulting in the selloff in the counter today.
At 10.17 am, shares of Kalyan Jewellers India were trading at Rs 694.55 on the NSE, slightly off its day's low of Rs 678.50.
The Kerala-based jewellery maker recorded a consolidated revenue growth of around 37 percent for the September quarter compared to the same period last year. In India growth momentum continued as revenue grew by 39 percent, driven by strong operational performance across all markets, with same-store sales rising by nearly 23 percent in the second quarter.
The jewellery maker attributed the boost in footfalls from late July through August to the reduction in customs duty on gold imports, announced in the Union Budget, which largely offset the typically muted sales during the 14-day Shradh period. In contrast, only two days of Shradh fell within the second quarter of the base year, the company said in its exchange filing.
Follow our market blog to catch all the live action
In the Middle East, Kalyan Jewellers saw revenue growth of about 24 percent compared to the same period last year. The Middle East market contributed 13 percent of Kalyan's consolidated revenue for the July-September quarter.
Meanwhile, the company's digital-first platform, Candere, reported a revenue growth of around 30 percent compared to the same period last year. During Q2 FY25, the company launched 12 new Candere showrooms.
As part of its previously announced plan to open over 130 new showrooms in the current financial year, Kalyan has already opened 51 showrooms and plans to launch an additional 25 Kalyan showrooms in India, 18 Candere showrooms, and its first US showroom by Diwali. In total, the company opened 26 new showrooms across both Kalyan and Candere formats during the quarter, bringing the total number of showrooms to 303 as of September 30, 2024.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
