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Kalyan Jewellers - Strong Business Momentum Continued In Q3: Centrum Broking

Kalyan Jewellers - Strong Business Momentum Continued In Q3: Centrum Broking

<div class="paragraphs"><p>Kalyan Jewellers store in Mumbai. (Source: BloombergQuint).</p></div>
Kalyan Jewellers store in Mumbai. (Source: BloombergQuint).

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Centrum Broking Report

Kalyan Jewellers India Ltd. witnessed 17% revenue growth led by strong momentum in footfalls as the positive traction continued during October/ November month led by festive season and buoyancy in consumer sentiments.

India operations revenue grew 15% YoY in Q3 while Middle East grew more than 22% YoY. Gross margins improved sequentially nearing pre Covid-19 levels while margin expansion led by improvement in both studded share and share of revenue from non-south markets.

Growth in Middle East was entirely driven by same-store-sales growth, though Kalyan Jewellers did not add any stores in this region in the past 12 months. It added five showrooms in India in Q3, taking store count across India and the Middle East to 151.

Considering the healthy performance and positive consumer sentiments ahead coupled with lower gold prices we expect it could induce advance purchases for future.

Click on the attachment to read the full report:

Centrum Kalyan Jewellers - Company Update.pdf

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