Kalyan Jewelers Reports 60% Revenue Growth in Fourth Quarter

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In March 2021, the Thrissur-based jeweler successfully completed its IPO and raised around Rs 800 crore.

Kalyan Jewelers said on Thursday that he saw a surge in consumer demand in the fourth quarter of FY21, resulting in revenue growth of around 60% year-over-year for operations in India.

Revenue growth for the first two months of the quarter (January and February) was around 35%, while growth in March was significantly higher, skewed by the loss of sales suffered in the base due to the impact pandemic on retail operations in March 2020, the company said in a regulatory filing.

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However, in West Asia, the company saw a decline in sales of about 20% in the fourth quarter of fiscal 20, in part due to the decision to close seven stores in the region.

In March 2021, the Thrissur-based jeweler successfully completed its IPO and raised around Rs 800 crore.

“The vast majority of our growth in the last quarter was driven by same store sales, as only two stores were opened in the past year. We believe that one of the main drivers of our recent revenue growth momentum in India has been a significant shift in consumer demand from the unorganized to the organized segment, which is evident in the increase in footfall. that we have observed in our store network, ”the company said in the filing.

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Growth in India was widespread across all geographies, although southern India performed better than other regions. However, the gross margin for the last quarter was negatively affected, in part due to a combination of the previously mentioned factors, as well as the recently announced reduction in tariffs, the company said.

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