Jewellery retailer Kalyan Jewellers on Friday said it has registered a consolidated revenue growth of 20% during the second quarter of FY23 despite various economic challenges triggered by the geopolitical situation.
"We recorded consolidated revenue growth of approximately 20% in Q2 FY23 as compared to the same period in the previous financial year, and approximately 50% in H1 FY23, compared to the same period in the previous financial year," Kalyan Jewellers said in a statement.
While the recently concluded quarter saw heightened levels of competitive intensity across various markets resulting in a lower gross margin than it was seen previously, the company continued to see robust operating momentum in its India business, driven by shift in demand towards branded retail chains, the company said.
"As previously disclosed, we have developed a strategy and execution roadmap for our newly created franchise store initiative, and had opened our first franchised showroom in the prior quarter in line with that strategy. In the recently concluded quarter, we opened two more franchised showrooms and a further two in the first week of October 2022, taking the total to five franchised showrooms opened so far in the current financial year," said the company.
Meanwhile, Kalyan Jewellers said in the Middle East customer sentiments continued to remain buoyant, driven largely by the overall recovery in the economic activity in the region.
The Middle East business witnessed a revenue growth of more than 65% during the recently concluded quarter, the company said.
Kalyan Jewellers online jewellery platform Candere launched its first physical showroom during the quarter.
Candere recorded a revenue growth of more than 15% during the July-September period compared to the same period of the previous year.
The company added five new showrooms in India (all non-south) during the recently concluded quarter, including its first physical showroom by Candere.
As of Sept. 30, 2022, Kalyan Jewellers total number of showrooms across India and the Middle East stood at 163.
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