Kalyan Jewellers put out its Q1FY24 quarterly update and it was a positive one.

The company said that in current Q1, it witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East over the past several quarters.

Consolidated revenue growth for the recently concluded quarter was 31% as compared to the same period in the previous financial year. It’s revenue growth was at 34% for India operations.

The company said that while momentum in samestore revenue growth was broad-based across geographies, non-south markets recorded higher overall revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months. Gross margin at the showroom level has improved as compared to the same period in the previous financial year and has remained broadly in line with the prior quarter.

The company added 12 new ‘Kalyan’ showrooms across non-south markets and expects to launch 20 new showrooms across non-south markets before Diwali, as part of its previously communicated plan of launching 52 new showrooms during the current year.

Growth in the recently concluded quarter was predominantly same-store-sales driven since network expansion in the region during the last twelve months has not been meaningful. Eid holidays-driven sales, which was not part of the base quarter revenue in the prior year, also contributed to the higher than usual same-store-sales growth during the recently concluded quarter.

The stock price has reacted positively to this upate; opening 2% higher at Rs.157.25 and then went on to rise to a new 52-week high at Rs.166.50, up over 8%