Shares of Kalyan Jewellers Ltd. advanced after its fourth-quarter consolidated revenue rose 17%.
The company's consolidated revenue rose 29% in FY23, it said in an exchange filing. Kalyan Jewellers' India business recorded revenue growth of approximately 16% year-on-year in the fourth quarter and 28% in fiscal 2023.
Non-southern markets recorded higher revenue growth, largely due to the launch of a higher number of showrooms. Out of the company's 182 showrooms, including those in the Middle East, 147 are in India.
In the Middle East, the company witnessed revenue growth of approximately 27% year-on-year.
Shares of Kalyan Jewellers rose 0.24% to Rs 106.35 apiece as of 10:10 a.m., compared with a 0.15% decline in the benchmark Nifty 50.
All six analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 47.1%.
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