Kalyan Jewellers sees triple digit sales growth in FY23 Q1

By

Isabelle Crossley

Published
Jul 7, 2022

Jewellery brand Kalyan Jewellers reported triple digit consolidated revenue growth in the first quarter of the 2023 financial year as both footfall and revenue continued to increase in its India and Middle East markets. 

“We witnessed consolidated revenue growth of over 105% in the first quarter of FY23, compared to the same period in the previous financial year,” said Kalyan Jewellers in a statement on July 7, the Press Trust of India reported. “We are continuing to see strong operating momentum in our business in India, driven by the resilience of our category.”

Kalyan Jewellers’ India-specific revenue increased by 115% year-on-year in the quarter. “We believe our business has been a significant beneficiary of the shift in demand from the unorganised to the organised segment, further benefitted by the strength if our brand and the agility of our business model through the pandemic,” said Kalyan Jewellers. 

The return of tourists to the Middle East helped to boost the brand’s revenue in the area, it said. Part of the reason that Kalyan Jewellers’ India sales increased more than its Middle East sales is that the Middle East sales were less affected by the pandemic a year before and thus had a higher base for comparison.