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ICICI Securities Report
Kalyan Jewellers India Ltd., in a stock exchange released on May 11, 2024y, announced that it has achieved double-digit same-store sales growth in quarter-to-date Q1 FY25.
In Q4 FY24, it continued to deliver revenue and SSSG outperformance (38% and 17% YoY), driven by new customer recruitment, increasing avg. ticket size and franchisee-driven retail expansion (39% YoY). Underlying (profit before tax) margin continues to improve (+10bps YoY); importantly store-level gross margins have been stable, indicating no material change in price competition.
Store expansion guidance remains same at 130 stores (80 Kalyan and 50 Candere) in India.
Further, free cash flow generation (led by franchise owned company operated model) is driving improvement in return ratios with a reduction in debt. It further guides for debt reduction of Rs 3.5-4 billion and Rs 4-5 billion by FY25 and FY26, respectively. Add.
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