Shares of Kalyan Jewellers India rose 3 percent in the opening trade on April 5 after the company reported strong revenue growth in the January-March quarter.
At 9.37 am, Kalyan Jewellers shares were trading at Rs 434.35 on the National Stock Exchange (NSE).
The company's steady sales growth was cheered by investors as it coincided with spike in gold prices. The jeweller reported a 34 percent year-on-year growth in its consolidated revenue in the March quarter, driven by strong footfalls ahead of the wedding season. For the financial year 2023-2024, consolidated revenue rose 31 percent on year, the company said in a business update.
Its India business recorded a 38 percent on year growth in Q4, on the back of healthy same-store sales growth, the highest in all FY24 quarters. For the full year, India business's revenue grew at 36 percent from the previous year.
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Kalyan Jewellers also expanded its presence by adding 10 new 'Kalyan' showrooms in India, with nine following the franchise-owned-company-operated model.
The Middle East, which now contributes 14 percent to the company's revenue, saw two new showrooms being opened. Strong same-store sales growth in the region contributed to a 14 percent revenue increase in the March quarter.
The company also expressed optimism over the ongoing quarter, saying it was noting positive trends in advance collections for both Akshaya Tritiya and purchases related to weddings.
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