Shares of Kalyan Jewellers India Ltd. hit a record high on Friday after its revenue surged 40% in the third quarter for Indian operation.
The company said it achieved positive operating performance during the quarter ended December despite volatile gold prices, flash floods in Tamil Nadu, and the higher number of 'Shradh' days, according to an exchange filing. On a consolidated basis, revenue grew 33% year-on-year in Q3.
The growth in revenue was led by "robust operating momentum on the ground with healthy same-store sales growth across all key markets", Kalyan Jewellers said. It added 22 new showrooms in India, of which 16 were under the franchisee-owned, franchise-operated module. The company has also completed signing LOIs for the 80 showrooms planned for 2025.
In the Middle East, the company has seen positive operating momentum, with revenue growth expected to be around 6%. The business in the Middle East has contributed nearly 13% to Kalyan Jewellers' consolidated revenue.
Shares of the company rose as much as 4.38% to Rs 379.75 apiece, a fresh all-time high. The scrip had recently hit record high on Jan. 2. It pared gains to trade 4.20% higher at Rs 363.80 apiece as of 9:42 a.m. This compares to a 0.32% advance in the NSE Nifty 50 Index.
It has risen 203.29% in the last 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 74.
All the six analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 206.1%.
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