Buy Kalyan Jewellers, target price Rs 875: Motilal Oswal Financial Services
Motilal Oswal Financial Services suggests buying Kalyan Jewellers shares, aiming for a target price of Rs 875. Currently, the price is Rs 682.75. Kalyan Jewellers has shown significant growth with increased revenue and added new showrooms. The com...
By ETMarkets.com |
BCCL
Motilal Oswal Financial Services has a buy call on Kalyan Jewellers. with a target price of Rs 875. The current market price of Kalyan Jewellers is Rs 682.75. Kalyan Jewellers, incorporated in 2009, is a Small Cap company with a market cap of Rs 70665.19 crore, operating in Gems and the Jewellery sector.
Kalyan Jewellers India Ltd. key Products/Revenue Segments include Diamonds/Gems/Jewellery and Other Operating Revenue for the year ending 31-Mar-2024.
Financials
For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 6091.48 crore, up 9.61 % from last quarter Total Income of Rs 5557.64 crore and up 37.58 % from last year same quarter Total Income of Rs 4427.67 crore. The company has reported net profit after tax of Rs 130.33 Crore in latest quarter.
The company's top management includes Mr.Vinod Rai, Mr.T S Kalyanaraman, Mr.T K Ramesh, Mr.T K Seetharam, Mr.Salil Nair, Mr.Anish Kumar Saraf, Mr.A D M Chavali, Mr.T S Anantharaman, Ms.Kishori Jayendra Udeshi, Mr.Vinod Rai, Mr.Anil Sadasivan Nair, Mr.T S Kalyanaraman, Mr.T K Ramesh, Mr.T K Seetharam, Mr.Salil Nair, Mr.Anish Kumar Saraf, Mr.A D M Chavali, Mr.T S Anantharaman, Ms.Kishori Jayendra Udeshi, Mr.Anil Sadasivan Nair. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2024, the company has a total of 103 Crore shares outstanding.
Investment Rationale
Kalyan Jewellers India business grew ~41% YoY (est. 41%) during the quarter, compared to 39% YoY growth in 2QFY25 and 40% YoY growth in 3QFY24. The revenue growth was driven by strong festive and wedding demand across both gold and studded categories. Same-store sales growth (SSSG) was 24% (est. 21%) during the quarter, compared to 23% in 2QFY25 and 11% in 3QFY24. The company added 24 new Kalyan FOCO showrooms and 23 Candere showrooms in India during the quarter.
Promoter/FII Holdings
Promoters held 62.9 per cent stake in the company as of 30-Sep-2024, while FIIs owned 15.74 per cent, DIIs 13.74 per cent.
Kalyan Jewellers India Ltd. key Products/Revenue Segments include Diamonds/Gems/Jewellery and Other Operating Revenue for the year ending 31-Mar-2024.
Financials
For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 6091.48 crore, up 9.61 % from last quarter Total Income of Rs 5557.64 crore and up 37.58 % from last year same quarter Total Income of Rs 4427.67 crore. The company has reported net profit after tax of Rs 130.33 Crore in latest quarter.
The company's top management includes Mr.Vinod Rai, Mr.T S Kalyanaraman, Mr.T K Ramesh, Mr.T K Seetharam, Mr.Salil Nair, Mr.Anish Kumar Saraf, Mr.A D M Chavali, Mr.T S Anantharaman, Ms.Kishori Jayendra Udeshi, Mr.Vinod Rai, Mr.Anil Sadasivan Nair, Mr.T S Kalyanaraman, Mr.T K Ramesh, Mr.T K Seetharam, Mr.Salil Nair, Mr.Anish Kumar Saraf, Mr.A D M Chavali, Mr.T S Anantharaman, Ms.Kishori Jayendra Udeshi, Mr.Anil Sadasivan Nair. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2024, the company has a total of 103 Crore shares outstanding.
Investment Rationale
Kalyan Jewellers India business grew ~41% YoY (est. 41%) during the quarter, compared to 39% YoY growth in 2QFY25 and 40% YoY growth in 3QFY24. The revenue growth was driven by strong festive and wedding demand across both gold and studded categories. Same-store sales growth (SSSG) was 24% (est. 21%) during the quarter, compared to 23% in 2QFY25 and 11% in 3QFY24. The company added 24 new Kalyan FOCO showrooms and 23 Candere showrooms in India during the quarter.
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Promoter/FII Holdings
Promoters held 62.9 per cent stake in the company as of 30-Sep-2024, while FIIs owned 15.74 per cent, DIIs 13.74 per cent.
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