Indian based jewellery retailer gains 10.49 percent today after company announces revenue growth for 27 percent and other business updates.
At 3:01, 6th october shares of Kalyan Jewellers India Ltd were trading at Rs. 259 per share, up by 10.6 percent from previous closing price of Rs. 234.40 per share.
Such bullish stock price movements are observed after the company reported 27 percent revenue growth for the recent quarter compared to the same period in the last financial year and 29 percent revenue growth in the first half of the current financial year compared to the same period in the last year. Company witnessed this growth despite the Adhik Maas period (a period where wedding jewellery demand decreases).
Moreover, the company added 13 new stores across non south markets and plans to launch 26 showrooms in the next 40 days as a part of previously announced roll-out plan, taking the total number of new showrooms being launched during the current financial year to 51 till diwali.
Looking at the financial statements, the company’s revenue increased by 31.3 percent to Rs. 4,375.74 in Q1FY24 from Rs. 3,332.64 in Q1FY23. In the same time period, net profit increased by 33.31 percent to 143.89 crores from 107.94 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 12.76 percent and return on capital employed (ROCE) of 13.56 percent in the last financial year.
Kalyan Jewellers India Ltd. designs, manufactures and sells a range of gold, studded and other jewellery products across various price points. It is one of the largest jewellery retailers in India based on revenue.
Written by: Vinit Israni
