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ICICI Securities Report
Q1 FY25 result continues to inspire confidence in Kalyan Jewellers India Ltd.'s business model (franchise owned company operated) as it continues to outperform competition by gaining market share led by aggressive consumer offers (discount on making charges), higher ad spends and faster retail expansion.
Positively, same-store sales growth in July-24 is tracking better than Q1 FY25 while it has got positive tailwind (from July 23, 2024) led by cut in the custom duty as customers' footfall rises to benefit from decline in the gold price.
All other key metrics – new customer recruit, average ticket size, retail expansion (to add 35 Kalyan and 20 Candere stores before Diwali), and operating profit margin – are at healthy level. It maintains previous guidance on retail expansion in India; at 130 (80 Kalyan and 50 Candere). Maintain Add.
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