Titan & Kalyan Jewellers Post Strong Q1FY23 Operational Updates | ET Now
14Titan & Kalyan Jewellers post strong Q1FY23 operational updates.
Titans jewelry biz which accounts for ~80% of the revenue reported 207% revenue growth YoY owing to lower base impact and strong sales on Akshaya Tritiya in May month. Customer walk-ins and new buyers also increased in line with revenue; whereas ticket size/conversion rate improved vs 1QFY22. Strong jewelry performance was seen in higher auspicious sales and improved footfalls. The watches and Eyewear segment too saw strong YoY growth.
Kalyan Jewellers saw consolidated revenue growth of over 105% YoY and witnessed revenue growth of over 115% for our India operations. The company saw continued robust momentum in both footfalls and revenue. Co saw an improvement in gross margin YoY due to an increase in the studded mix and share of business from non-south markets.
Vinnii Motiwala is here with more details.
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