Middle East PAT decline due to interest rate hikes
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.
KALYANKJIL / Q3-FY24 / risks
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Kalyan Jewellers · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Margin dilution from franchisee 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%.
Elevated competitive intensity in non-south markets
Management noted heightened competition post-Diwali, especially from local players, requiring higher promotional spends.
Candere online sales decline
Candere's online business has seen consistent decline over the past few quarters; offline expansion is expected to reverse this trend.