Kalyan Jewellers Registers Revenue Growth in Excess of 25 pc

Kalyan Jewellers continues to see strong operating momentum in the business in the recently concluded Q4 driven by the resilience of the category, sustained buoyancy in consumer sentiments, and the continuing shift in consumer demand from the unorganized to the organized segment.

"Q4 FY22 was a satisfying quarter with strong momentum, given the context of disruption to showroom operations during the month of January 2022 due to Omicron-driven 3rd wave of the COVID-19 pandemic, the geopolitical situation in Russia/ Ukraine and its related impact on the markets and gold price volatility, and the unusually high base in the same quarter a year ago given the bounce-back from COVID-19 (growth for Q4 FY21 was ~61 percent over Q4 FY20 in India)," the release said.

"Our business in India saw a ~7 percent decline in revenue when compared to the same quarter in the prior year, although when compared to the same quarter two years ago (Q4 FY20), the recently concluded quarter saw over 47 percent growth, demonstrating the acceleration in our business performance through the COVID pandemic and the increase in footfalls we have seen across our store network over the past several quarters. On a consolidated basis (including the Middle East), our business has seen ~6 percent decline in revenues when compared to the same quarter in the prior year and over 33 percent growth when compared to the same quarter two years ago (Q4 FY20)," the release added.

Online jewelry platform, Candere, recorded revenue growth of over 80 percent during the quarter, as compared to the same period during the last year, demonstrating continued positive traction of our digitally-oriented initiatives, particularly around e-commerce.

"We are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases during the quarter. We are upbeat about the upcoming festive/wedding season and have lined up various launches of festive collections and have commenced campaigns accordingly," the release further elaborated.

"We added 3 new showrooms in India during the recently concluded quarter taking the total number of new showrooms launched during FY 2022 to 18. As of March 31, 2022, our total number of showrooms across India and the Middle East stood at 154," it added.

For the full year FY 2022, it recorded revenue growth in excess of 25 percent over the prior year on a consolidated basis, with the India business recording revenue growth of over 23 percent as compared to the prior year.

Additionally, during the recently concluded quarter, it announced board approval for the appointment of Vinod Rai as the Chairman and Independent Non-executive Director on the Board of the Company. Rai was the Former Comptroller and Auditor General of India, the former Chair of the United Nations Panel of External Auditors, and has held various positions within the government where he has been instrumental in a wide variety of reforms in India, and also was awarded the Padma Bhushan, one of India’s highest civilian awards. His appointment is yet another step in the evolution of Kalyan towards its commitment to upholding the highest standards of good corporate governance. This appointment will be subject to obtaining requisite regulatory and shareholders’ approvals.