Kalyan Jeweller expects strong revenue growth in Q1
India’s leading jeweller Kalyan Jewellers expects its revenue for the first quarter in the current financial year to grow by 190 percent, as against Q1 of the fiscal year 2020-21.
The company has witnessed a rise in sales despite the Covid-19 disruptions and resultant lockdowns during the April-May period because of the second wave of the Covid-19 pandemic in India.
“A significant portion of the company's revenue for Q1 FY 2022 was booked during the month of April, during which many of the showrooms in non-south markets either remained closed or were operating with restrictions resulting in a higher share of business accruing from south markets, as well as from the gold division,” the company said in its quarterly update.
“Despite only approximately 80 percent of our showrooms being operational during April 2021, revenue for the month was like April 2019 (April 2020 being a Covid-impacted period). Revenue growth was approximately 40 percent as compared with April 2019 on a same-store-sales basis,” it added.
Kalyan Jewellers is one of the largest jewellery companies in India in terms of revenues. The company opened nine showrooms in India in April 2021, taking the total number of showrooms in India to 116.
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