Q4 2024 Kalyan Jewellers India Ltd Earnings Call Transcript
Key Points
- Kalyan Jewellers India Ltd (BOM:543278) recorded a consolidated revenue growth of approximately 34% and a PBT growth of approximately 44% for Q4 FY24.
- The company successfully launched 58 new Kalyan showrooms in India through the capital-efficient FOCO model during the last financial year.
- Kalyan Jewellers India Ltd (BOM:543278) reduced its non-GML loans in India by INR435 crore and secured additional GML limits of INR170 crore.
- The Board of Directors recommended a dividend payout of approximately INR120 crore, more than doubling the dividend paid for FY 2023.
- The company plans to add 130 showrooms in India and six showrooms overseas during the current financial year, indicating strong future growth prospects.
- There was a delay in the rollout of the first set of Candere showrooms, with only 11 offline showrooms launched during the last year.
- Despite the revenue growth, the net debt reduction was lower than planned, with a reduction of only around INR260 crore against the target of INR300 crore.
- The company experienced an increase in inventory levels by around INR1,000 crore in India, partly due to the rise in gold prices and the need to maintain pipeline inventory for new showrooms.
- The EBITDA margin for Q4 FY24 saw a decline, partly due to increased advertising expenses to maintain market share against local competitors.
- The transition to the franchise model has led to a decrease in gross margins, as franchisee stores typically have lower margins compared to company-owned stores.
Ladies and gentlemen, good day, and welcome to the Q4 FY24 earnings conference call of Kalyan Jewellers India Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as of the date of this call.
These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. (Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Agarwal from Strategic Growth Advisors. Thank you, and over to you, sir.
Thank you. Good evening, everyone, and thank you for joining us on the Kalyan Jewellers India Limited Q4 and FY24 earning conference call. We have with us Mr. Ramesh Kalyanaraman, Executive Director; Mr. Sanjay Raghuraman, CEO; Mr. V. Swaminathan, CFO; Mr. Sanjay Mehrotra, Head of Strategy and Corporate Affairs; and Mr. Abraham George, Head of Investor Relations and
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