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By Vineetha Sampath
The business in India saw 8% drop in revenue y-o-y where the non-south markets reported y-o-y growth, which was more than offset by fall in revenue in the south markets. Photo: HT

The business in India saw 8% drop in revenue y-o-y where the non-south markets reported y-o-y growth, which was more than offset by fall in revenue in the south markets. Although, this is also a function of uneven growth performance in the base quarter. Note that the southern region constituted 62.8% of total India’s revenue, which accounted for 84% of overall consolidated revenues of the company.

The share of studded revenue rose to 24.3% from 22.3% in the year ago quarter. Stronger growth in non-south markets coupled with increasing share of studded revenue are natural tailwinds for Kalyan’s margin profile, note analysts at ICICI Securities. “We like the increased focus on low-value studded to uptrade new consumers," said analysts at ICICI Securities in a report on 12 May.

On the other hand, revenue in the Middle East remained flat y-o-y at nearly Rs425 crore. The management highlighted that consumer sentiment continues to remain firm.

Overall, consolidated gross margin rose by 52 basis points (bps) y-o-y to 15.6%. One basis point is 0.01%. Ebitda (earnings before interest, tax, depreciation and amortization) margin stood at 7.6%.

“Both Titan Co. and Kalyan reported slightly weak prints in Q4. Titan’s performance of flat revenues (on an adjusted basis) was slightly superior to Kalyan’s. Kalyan’s performance, though lagged Titan, needs to be seen in the context of lower store expansion benefit, which is now picking up," added the ICICI Securities report.

The jewellery maker added 17 stores (net) in FY22. It further plans to add 12-15 stores in India in FY23.

Going forward, investors should closely track the store expansion. Any disappointment on that front are key risks for the stock, which has declined by 12% so far this calendar year.

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Dive Deeper:
Tata Motors’ shares ride high on Q4 margin surprise
This comes on the back of better-than-expected margin performance in its fourth quarter results (Q4FY22).
Asian Paints' margins won't retrieve their sheen anytime soon
Amid elevated inflation and likely increase in competitive pressure, Asian Paints may find it difficult to achieve 22-24% Ebitda margin…
Temperatures are soaring but Voltas unable to find its cool
The company, which derives a good share of revenues by selling room air conditioners (ACs), put up a weak Q4…
For SRF, chemicals business to be a key growth driver
SRF has guided for 20% revenue growth in FY23 for the specialty chemicals business which reported 30% year-on-year revenue growth…
One subscription that gives you access to news from hundreds of sites
To bolster market share, Voltas needs a south India focus
The lack of a strong foothold in south India where summer starts early has weighed on Voltas’ market share
Stocks to Watch: Adani Ports, PNB, Bajaj Finance, Cipla, Vodafone Idea, SBI
Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Kalyan Jewellers India, NCC, Relaxo Footwears, Sagar Cements, SKF India, Century…
Get all your news in one place