Kalyan Jewellers Q2 Update: Revenue Up 37% On Gold Customs Cuts

Kalyan Jewellers India Ltd. announced an "encouraging" second quarter update on Monday. The jewellery retailer reported consolidated revenue growth of approximately 37% for the September quarter of this fiscal, compared to the same period last year.

The company's India operations posted revenue growth of 39%, with same-store sales growth of approximately 23% in the second quarter of fiscal 2025, according to a business update.

"Customs duty reduction on gold imports, announced during the Union Budget, resulted in significantly higher footfalls from the last week of July until the end of August, mostly offsetting the impact of 14 days of Shradh (when sales are muted) during the quarter and extreme volatility in gold prices," the company said.

Kalyan Jewellers opened 15 Franchisee-Owned-Company-Operated showrooms in India during the quarter, with more showrooms set to open in October.

In the Middle East, the company recorded revenue growth of 24% compared to the same period last fiscal, contributing 13% to its consolidated revenue for the July-September period.

The company’s digital-first jewellery platform, Candere, posted revenue growth of 30% and launched 12 new showrooms during the second quarter of fiscal 2025.

The jeweller has opened 51 out of the 130 planned showrooms for this fiscal. It plans to open 25 showrooms in India, 18 Candere showrooms, and its first showroom in the US by Diwali, it said.

"The festive season has just started, and we are gearing up with showroom launches, fresh collections, and campaigns."

In the June quarter, the company reported an over 26% rise in income, in line with estimates, aided by strong same-store sales growth.

Shares of the company closed 2.41% lower at Rs 712.95 per share on Friday, compared to a 0.93% decline in the NSE Nifty 50. The stock has risen 183.76% year-to-date and 101.34% over the past 12 months.