Shares of Kalyan Jewellers Ltd rose 4% in a weak market today after the firm released its business updates for Q3 of the current fiscal. Kalyan Jewellers shares climbed 4.12% to Rs 373 against the previous close of Rs 358.30 on BSE. Total 3.67 lakh shares of the firm changed hands amounting to a turnover of Rs 13.49 crore. Market cap of Kalyan Jewellers rose to Rs 38,189 crore on BSE.
Kalyan Jewellers shares have a one-year beta of 0.3, indicating very low volatility during the period. The stock hit a 52 week high of Rs 379.35 on January 5, 2024 and a 52 week low of Rs 101 on April 26, 2023.
The firm recorded a consolidated revenue growth of over 33% in the December quarter compared to the same period in the previous financial year. Revenue grew 40% for India operations during Q3 FY2024 as compared to Q3 FY2023, led by robust operating momentum with healthy same-store-sales growth (similar to levels seen in Q2 FY2024) across all the key markets in the country.
Also read: Kalyan Jewellers shares Q3 update, says revenue up 33%, store additions at 22 in December quarter
The company added 22 new Kalyan showrooms in India in Q3. In the Middle East, revenue growth for Q3 FY 2024 was 6% when compared to the same period in the previous financial year. Middle East contributed 13% to consolidated revenue for the recently concluded quarter.
Also read: Stock recommendations by market analysts for January 8, 2024: Jindal Saw, CDSL and REC
As of December 31, 2023, total number of showrooms across India and the Middle East stood at 235. In the current, the company plans to add another 15 Kalyan showrooms in India, 2 Kalyan showrooms in the Middle East and 13 ‘Candere’ showrooms.
In terms of technicals, the relative strength index (RSI) of Kalyan Jewellers stands at 63.8, signaling it's trading neither in the overbought nor in the oversold zone. Kalyan Jewellers shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The firm clocked a 27% rise in Q2 profit. The jewellery maker firm reported a consolidated net profit of Rs 134.87 crore in the September 2023 quarter against Rs 105.92 crore in the corresponding quarter of the previous year.
Revenue from operations climbed 27.11% in Q2 at Rs 4,414.53 crore compared to Rs 3,472.91 crore in the corresponding period of the previous fiscal. Total revenue from Middle East operations in Q2 rose 5% to Rs 629 crore against Rs 601 crore in the corresponding period of the previous fiscal.
The Middle East operations recorded a 14.28% fall in profit after tax to Rs 12 crore for the quarter compared to Rs 14 crore for the corresponding period in the previous year.
Also read: Stock recommendations by market analysts for January 8, 2024: Jindal Saw, CDSL and REC