Q1 2025 Kalyan Jewellers India Ltd Earnings Call Transcript
Key Points
- Kalyan Jewellers India Ltd (BOM:543278) recorded a consolidated revenue growth of around 27% and stand-alone India revenue grew by around 29%.
- The company witnessed robust operating performance across all markets in India and the Middle East despite extreme volatility in gold prices.
- The share of new customers increased to over 35% for the recently concluded quarter.
- Gross margins at the showroom level improved marginally, driven largely by a higher share of studded jewelry.
- The digital-first jewelry platform, Candere, recorded robust revenue growth and is on track to become a wholly-owned subsidiary.
- Advertisement spends were higher to mitigate the impact of volatile gold prices, affecting overall profitability.
- The revenue per showroom in India has decreased due to the opening of smaller franchise stores.
- Interest costs have increased marginally despite a reduction in debt, primarily due to lease interest from new showrooms.
- The Middle East business reported a lower PAT growth of 11% compared to revenue growth of 16%, indicating margin pressures.
- The impact of the recent customs duty cut on gold is expected to be around INR120-130 crores, affecting profitability in the short term.
Ladies and gentlemen, good day, and welcome to Q1 FY25 earnings conference call of Kalyan Jewellers India Limited.
This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees 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. Thank you, and over to you, sir.
Thank you, Dev. Good evening, everyone, and thank you for dialing us on Kalyan Jewellers India Limited Q1 FY25 earnings conference call.
On the call, we have with us Mr. Ramesh Kalyanaraman, Executive Director; Mr. Sanjay Raghuraman, CEO; Mr. V. Swaminathan, CFO; Mr. Sanjay Mehrottra, Head of Strategy and Corporate affairs; and Mr. Abraham George, Head of Investor Relations and Treasury.
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