Kalyan Jewellers reports 20% revenue growth in FY23 Q2

By

Isabelle Crossley

Published
Oct 10, 2022

Kalyan Jewellers reported approximately 20% year-on-year consolidated revenue growth in the second quarter of the 2023 financial year. The fine jewellery business also saw its revenue grow by 50% in the first half of the fiscal. 

The second quarter of the current financial year saw a number of challenges for businesses including inflation and financial uncertainty relating to global tensions. Competition also continues to rise in India’s organised jewellery sector but Kalyan Jewellers’ growth trajectory continued thanks to continued store openings and strong sales, the Economic Times reported.
 
“We recorded consolidated revenue growth of approximately 20% in Q2 FY23 as compared to the same period in the previous financial year, and approximately 50% in H1 FY23, compared to the same period in the previous financial year," said Kalyan Jewellers in a statement, the Press Trust of India reported. 

Kalyan Jewellers also reported positive consumer sentiment in its Middle East operations. Wider economic recovery in the region contributed to a 65% increase in revenue in the recently concluded second quarter. 
 
“As previously disclosed, we have developed a strategy and execution roadmap for our newly created franchise store initiative, and had opened our first franchised showroom in the prior quarter in line with that strategy,” said the business in its statement. “In the recently concluded quarter, we opened two more franchised showrooms and a further two in the first week of October 2022, taking the total to five franchised showrooms opened so far in the current financial year.”