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Revenue
₹5,223 Cr
verified against source
Revenue YoY
34.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kalyan Jewellers reported a strong Q3 FY24 with consolidated revenue of INR 5,223 crore (+34.5% YoY) and PAT of INR 180 crore (+21.6% YoY). India revenue grew 40% YoY to INR 4,512 crore, driven by robust same-store sales and aggressive store expansion (22 new showrooms in Q3). The Middle East business grew 6% but PAT declined due to higher interest costs and franchise mix. Management guided for 80 new Kalyan showrooms in FY25 (mostly FOCO model) and 50+ Candere stores, with debt reduction of INR 400-450 crore next year. PBT growth is expected to outpace revenue growth for the full year. Key risk: elevated competitive intensity and gold price volatility could pressure margins in non-south markets.
Colored figures show movement against the previous available record.
Guidance to track
- All 80 showrooms will be under FOCO model, with 70 in non-south and 10 in south India.
- Incremental debt reduction target for next fiscal year, with average debt reduction of INR 200 crore for interest saving calculation.
- Management reiterated that full-year PBT growth will be higher than revenue growth, despite Q3 margin pressure.
- 50 LOIs already signed; expansion will be a mix of franchise and owned stores.
Risks flagged
- Middle East PAT fell to INR 14 crore from INR 17 crore YoY, driven by a 2% interest rate hike and lower-margin franchise mix.
- Increasing share of franchisee revenue (21-22%) with ~5% PBT margins could pressure overall margins, though new model may add 0.25-0.5%.
- Management noted heightened competition post-Diwali, especially from local players, requiring higher promotional spends.
- Candere's online business has seen consistent decline over the past few quarters; offline expansion is expected to reverse this trend.
Key quotes
- We still stand by what we have stated earlier, that the PBT growth would be higher than the revenue growth for the full year.
- The corporate guarantee that you are referring to is for this purpose only... it will be a neutral transaction.
- We are not doing anything new. We are just seeing what is already playing out in the market with other brands.
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