Kalyan Jewellers shares jump over 4% to hit all-time high on strong Q3 update

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₹379.75 apiece during Friday's early trade. This sharp surge came in response to the company's Q3FY24 business update. In an exchange filing today, the company reported strong performance in terms of both foot traffic and revenue across all its markets in India and the Middle East for the December-ending quarter.

The company said it had achieved this positive operating performance despite multiple headwinds during the quarter, such as extreme volatility in gold prices, a higher number of “Shradh" days compared to the prior year, and flash floods in certain parts of Tamil Nadu. Also Read Gold to shine brighter in 2024, prices may hit a new high of ₹70,000: ICICI Direct In Q3FY24, the company achieved a consolidated revenue growth of 33% compared to the same period in the previous financial year. In India, the company saw revenue growth of 40% during the quarter compared to the same period of last year.

This growth was led by robust operating momentum on the ground and healthy same-store sales growth across all the key markets in the country, according to the company's exchange filing. During the quarter, Kalyan Jewellers added 22 new 'Kalyan' showrooms in India. Additionally, the company said it had completed signing LOIs for the 80 showrooms planned for FY 2025, with a significant majority of these being established under a revised franchise model with further improved economics for Kalyan.

Also Read: India Ratings raises India's FY24 GDP growth estimate to 6.7% In the Middle East, the company continued to witness positive operating momentum. Revenue growth for Q3FY24 came in at 6% when compared to the same period in the previous financial year. The Middle East contributed 13% to the company's consolidated revenue during