Kalyan Jewellers India Q3 Results Review - Flywheel In Action; Set To Rise: ICICI Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Kalyan Jewellers India Ltd.'s continues to deliver revenue outperformance (34% YoY growth) compared to peers (23% Titan Company Ltd.) driven by franchisee-driven retail expansion (43% YoY), while same store sales growth performance was decent (at plus 11%YoY; plus 13% in non-south).Incremental work on the replication of the success of franchise owned company operated model in South (converted first ever company owned company operated store to FOCO), the Middle East and in Candere showrooms is likely to be return on invested capital accretive (to reach 20% in medium term versus 15% current; considering gold metal loan).New customer acquisition remained healthy at ~38%. Operating profit margins were healthy, partly impacted by higher ad-spends due to shift in festivals to Q3 FY24.Kalyan Jewellers' debt reduction guidance by March 2024 led by selling of non-core assets and conversion of seven stores to FOCO model is on track. Maintain 'Add'..Click on the attachment to read the full report:.Paytm Payments Bank To Step Away From New Loans In Coming Weeks.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Kalyan Jewellers India Q3 Results Review - Flywheel In Action; Set To Rise: ICICI Securities

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