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.
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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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