Kalyan Jewellers: Sparkling growth

Indians exhibit a strong cultural affinity for gold, often acquiring it for investment and consumption. This cultural inclination laid the foundation for Kalyan Jewellers. Kalyan Jewellers , a premier jewellery retailer in India, has demonstrated remarkable performance, yielding a 69 per cent annual return since its listing on March 26, 2021. Notably, revenue and net profit have grown at an exhilarating pace of 29 per cent and 153 per cent, respectively, since FY21. The company is actively reducing its debt levels and aims to achieve a debt-free status in the coming years. It has reduced its total debt (excluding lease liabilities) from over Rs 3,590 crore in FY20 to Rs 1,563 crore as of the first half of FY24. The net debt-to-equity ratio has decreased significantly from 0.8 in FY20 to 0.2 in the first half of FY24. Moreover, all new company-owned showrooms are delivering ROCE (return on capital employed) of more than 25 per cent. Robust financials ROCE surged from 7 per cent in FY21 to 19.2 per cent in Q2 FY24 Q2 FY24 (TTM) FY23 FY22 FY21 Growth (%) Revenue (Rs cr) 16056 14071 10818 8573 28.5 EBIT (Rs cr)