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ICICI Securities Report
We believe Kalyan Jewellers India Ltd. is delivering well on its key markers of improving incremental return ratios and expansion outside its core market of south India. We like the -
commitment on the franchisee business,
improving capital and investment discipline and
potential outside south India, we note that apart from Titan Company Ltd., Kalyan Jewellers is the key potential national player.
Kalyan Jewellers reported a good operating performance in Q1. India business-to-consumer three-year revenue compound annual growth rate is 10%.
Gross margin of India business expanded 110 basis points YoY to 15.5% on the back of higher share of non-south business (35% versus 30% in Q1 FY22), increased studded sales (24% versus 20% in Q1 FY22).
We note that these are natural tailwinds for Kalyan Jewellers' margin profile and the benefit should continue to accrue for next few years.
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