BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Kalyan Jewellers India Ltd.'s Q4 FY23 print was inline; consolidated revenue/Ebitda/adjusted profit after tax grew 18.4%/17.5%/ 43% YoY.
Despite volatility in gold prices, encouraging consumer demand witnessed in Q4 led by:
38% growth in new customer addition,
non-south growth at 38% versus south at 4%,
37% growth in studded - share at 28.3%, and
wedding season leading to strong footfalls.
With 149 showrooms, India revenues grew by 17.0%, while Middle-East clocked 29% growth (33 showrooms). E-commerce channel, Candere declined 18.0%, while gold coin sales remained at 4.0%.
Gross margin grew to 15.8% (+20bp); Ebitda grew 17.5% to Rs 2.6 billion despite higher ad-spends (+24%), employee cost (+27.1%), and other expenses (+17.6%) settling Ebitda margin at 7.6% (flat).
Kalyan Jewellers stayed buoyant on growth driven by successful execution of franchise owned company operated model (52 stores in non-south plus one pilot in south) yet displayed roadmap to cut debt pairing non-core assets.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
