Q1FY24 Stellar performance: Multibagger stock rockets skyward with a dazzling 7 per cent Surge!
The stock has gained momentum in the past 1 year as it has given more than 160 per cent returns.
On July 07, 2023, the shares of Kalyan Jewellers India Limited zoomed 7.80 per cent, hits fresh 52-week high of Rs 166.50 per share on BSE. The scrip witnessed a massive spurt in volume by more than 2.19 times.
Kalyan Jewellers celebrates yet another fruitful quarter, as it maintains a strong momentum in footfall and revenue across its markets in India and the Middle East. With a consistent track record of success, the company achieved an impressive consolidated revenue growth of approximately 31 per cent during the recently concluded quarter compared to the corresponding period in the previous fiscal year.
Kalyan Jewellers' India operations shine with a remarkable revenue growth of approximately 34 per cent in the recently concluded quarter compared to Q1 FY 2023. The consistent and resilient performance, including during Akshaya Tritiya, showcases strong market execution and highlights the non-south markets' higher revenue growth driven by increased showroom launches.
The showroom-level gross margin has shown improvement compared to the same period in the previous fiscal year and remained relatively consistent with the prior quarter. However, due to a higher proportion of revenue from franchised showrooms, the blended gross margin has sequentially declined and decreased compared to the corresponding period in the previous financial year.
Middle East revenue surges with robust footfalls and strong economic activity drive, 21 per cent growth, led by same-store sales and Eid holiday boost.
The company is set to launch its first FOCO showroom in Middle East by Q2 FY2024.
As of June 30, 2023, our showroom count reached an impressive total of 194, spanning across both India and the Middle East.
Kalyan Jewellers India Ltd. creates, manufactures, and sells a variety of gold, studded, and other jewellery products in a variety of pricing ranges. In terms of revenue, it is one of India's leading jewellery merchants as of FY20. Mr T.S. Kalyanaraman, the current Chairman, MD, and Promoter, started the company.
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The stock has gained momentum in the past 1 year as it has given more than 160 per cent returns. Investors to keep a close eye on this Mid-Cap Consumer Durables trending stock.