Kalyan Jewellers - Store Expansion Is The Key: ICICI Securities Initiates Coverage
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ICICI Securities Report
Kalyan Jewellers India Ltd. is a pan-India jeweller with focus on the strengths of:
consistent investment in brand,
hyperlocal strategy, and
My Kalyan network differentiation (in our view).
Accelerated industry formalisation and new store addition of 15-20 per annum are medium-term revenue growth drivers.
We forecast 20% and 36% compound annual growth rate in revenues and Ebitda respectively, over FY21E-FY23E.
Key risks are:
potentially higher competitive intensity in core South India markets,
execution risks in expansion, and
delayed economic recovery in the Middle East.
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