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ICICI Securities Report
Kalyan Jewellers India Ltd. reported a good operating performance despite some restrictions in Kerala. The share of gold jewelry remained high with continued new customer recruits from the unorganised segment – we like the increased focus on low value studded to up-trade these consumers.
The renewed thrust on store expansion is a major positive. Its other key strengths are-
hyperlocal model,
a network of 800 plus My Kalyan centres to drive footfalls and
consistent brand investments.
Going forward, Kalyan Jewellers' margin expansion is likely to be driven by expansion in non south markets to drive gross margin expansion given higher studded share in these markets and operating leverage benefit.
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