New Delhi, Kalyan Jewelers on Friday reported 27 per cent year-on-year growth in consolidated revenue for the first quarter of financial year 2024-25, driven by strong performance in both the Indian and Middle Eastern markets.

The company had reported a consolidated net revenue of Rs 4,376 crore in the first quarter (April-June) of financial year 2023-24.

The Indian operations witnessed a revenue growth of 29 per cent during the first quarter of this fiscal year, compared to the same-store-sales growth of 12 per cent compared to the same quarter last fiscal, the company said in a regulatory filing.

Revenue from Middle East operations grew 16 percent, contributing 15 percent to consolidated revenues.

The company said 13 new franchise-owned-company-operated (FOCO) showrooms were opened in India during the April-June period this year, while digital platform Candere reported 13 per cent revenue growth.

The company said it plans to convert its Candere business into a wholly owned subsidiary after increasing its stake.

“The recently concluded quarter has been very satisfactory, seeing strong operating performance across all our markets in India and the Middle East despite extreme volatility in gold prices and a strong base quarter,” Kalyan Jewelers said.

Kalyan Jewelers aims to launch over 130 new showrooms in FY2025, which includes around 40 Kalyan showrooms in India, around 30 Candere showrooms and the first US showroom by Diwali.

The jeweler is optimistic about the upcoming festival and wedding season starting with Onam celebrations.

As of June 30, 2024, the company operated 277 showrooms across all its brands.