Kalyan Jewellers Q4 Review - India Operations Recover Well: ICICI Securities
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ICICI Securities Report
Kalyan Jewellers India Ltd. reported an in-line operating performance with consolidated revenues up 43% YoY [India: up 61%; Middle East (15%)].
Share of gold jewelry increased as growth in south India was better than north due to lower operating restrictions.
Even as store operations are currently impacted due to fresh restrictions, we expect the company to focus on store expansion in FY22 - it has opened nine stores in April 2021.
Likely implementation of hallmarking effective June 15 may potentially accelerate industry formalisation and we expect brands like Kalyan to benefit.
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