Kalyan Jewellers - Strong Business Momentum Led By Festive Demand: Centrum Broking
Strong momentum in domestic business led by festive demand.
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Centrum Broking Report
Kalyan Jewellers India Ltd., in its exchange fillings last week said that in Q3 FY23 it witnessed robust momentum in both footfalls and revenue across India as well as in Middle East.
Consolidated revenue is expected to grow over 13.0% in Q3 FY23, whereas India business to report up 12.0% growth YoY despite on high base.
Management said that company witnessed strong operating momentum across India business led by the resilience of category business.
Kalyan Jewellers stated that gross margin expected to improve on QoQ largely driven by improvement in studded share and increase revenue share from non-south markets. In the middle east operation, it is expected to grow by over 24.0% YoY.
Management expects to open 11 new franchised showrooms across non-south markets for next three months to launch of 52 new showrooms during CY 2023.
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