Kalyan Jeweller, in a recent filing with the exchange, said that it will launch 33 new showrooms by Diwali 2023. The company will unveil showrooms in Kalyan and Candere formats across the country. Currently, the company has 77 showrooms in South India, 55 showrooms in North and Central India, 25 in West India, 18 outlets in East India, and 34 in the Middle East. Kalyan Jeweler is now present across 22 states and Union Territories in India, as well as four countries in West Asia. As of September 30, 2023, the total number of showrooms across India and the Middle East stood at 209.

The company said in a statement, “Kalyan Jewellers is all set to expand its operations across key non-South markets, symbolizing its commitment to broadening the footprint and plans to further solidify its presence at a pan-India level. The upcoming showroom launches scheduled for October include Kishangunj, Muzaffarpur, Begusarai, Hajipur, and Kankarbagh in Bihar; Faridabad and Panipat in Haryana; Jajpur in Odisha; Barnala and Chandigarh in Punjab; Solapur in Maharashtra; Chittoor in Andhra Pradesh; Purlia in West Bengal; Kasipur in Uttarakhand; and Moradabad, Mathura, Aligarh, Alambagh, and Jaunpur in Uttar Pradesh.".

In a recent statement published by the company, it said, “Gross margin at the showroom level has been stable when compared to the same period in the previous financial year. As expected, given the higher share of revenue from franchised showrooms, blended gross margin has declined sequentially as well as when compared to the same period in the previous financial year.”

The release also stated that “despite the Adhik Maas demand pause, the company saw revenue growth of 32% for their India operations during Q2 FY2024 as compared to Q2 FY2023, led by robust operating momentum on the ground with healthy same-store sales growth across all the key markets in the country.”

A digital-first jewelry platform, Candere, witnessed the launch of its first franchised showroom in Jammu during Q2 FY 2024. In addition, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the South Region. Kalyan Jewellers also launched its first franchised showroom in the Middle East region during the recently concluded quarter. The company has also signed an additional five LoIs for franchised showrooms in the region. Kalyan Jewelers has 30 showrooms in the UAE, Qatar, Kuwait, and Oman.

“The Middle East recorded consolidated revenue growth of 27% for the recently concluded quarter when compared to the same period in the previous financial year and 29% revenue growth in the first half of the current financial year when compared to the same period in the prior year.”

Remarks from the MD of Kalyan Jewellers said, “As we embark upon the next phase of growth, our aim is to ensure sustained growth while expanding our market presence from strength to strength.”

As per filing, the board meeting of Kalyan Jewelers is scheduled for November 14, 2023, for the declaration of its quarterly results. The stock at the time of reporting was trading 1% higher at Rs. 274.