Kalyan jwellers on Thursday said they had seen a strong increase in consumer demand and saw an increase of about 60 percent revenue in its operations in India in the fourth quarter ending March 31, 2021.
In Q4 FY 2021, the company saw a strong increase in consumer demand which led to a nearly 60 percent increase in revenue in our operations in India, compared to the same quarter last year, Kalyan Jewelers said in a quarterly renewal.
Growth in the first two months of the quarter (January and February) was almost 35 percent, and March growth was very high, due to the loss of sales we received on the basis of the impact of the COVID-19 epidemic on our sales performance in March 2020.
The company said most of its growth in the last quarter was driven by similar retail sales, as only two stores opened last year.
Kalyan Jewelers said he believes that the key driver of his drive for India’s revenue growth momentum has been a shift in consumer demand from the informal sector to the formal sector.
Our growth in India was largely based on different areas, although growth in South India was better than in Non South. “
“While we saw the growth of our high-quality product, the acceleration in demand for our gold jewelry products was high, especially in our gold, the most widely used, most widely used regional jewelry carriers carrying the least amount of money,” the company said.
However, the Kalyan Jewelers noted that the total limit in the last quarter had a negative impact.
In the Middle East, Kalyan Jewelers said his business is continuing to recover from the COVID-19-related divisions as restrictions are gradually lifted within the markets in which they operate.
“In Q4 FY 2021, our Middle East business saw a 20 percent decrease in revenue over Q4 FY 2020, which is based on our decision to close 7 of our stores in the region (excluding the total of 37 at the time). during FY 2021, ”said the company.
In March 2021, the Kalyan Jewelers ended their first public offering (IPO) and raised about Rs 800 crore.