Gold price volatility impacting demand
Sharp fluctuations in gold prices can cause consumers to pause purchases, as seen during the quarter. Management noted that Middle East demand is particularly sensitive.
KALYANKJIL / Q2-FY24 / risks
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Material risks this quarter
medium
Franchisee model execution in South India
The franchisee model is still in pilot stage in South India with only 6 LOIs signed. Management was evasive on conversion plans for existing owned stores.
Candere business underperformance
Candere revenue declined in Q1 and Q2. Management downplayed it as 'inconsequential' but offered no turnaround timeline, raising concerns about the omni-channel strategy.
Rising interest rates in Middle East
Higher interest rates in the Middle East compressed PBT margins despite stable gross margins, as noted by management.