- By Aditya Pratap Singh
- Wed, 08 Jan 2025 01:11 PM (IST)
- Source:JND
Kalyan Jewellers Share Price: Amid profit booking, Kalyan Jewellers shares fell over 7% to hit an intraday low at a low of Rs 663.50 in intraday trade on Wednesday, a day after the company reported nearly 41% year-on-year revenue growth in its third-quarter update of FY 24-25. At around 1:01 pm, the stock was trading at Rs 684.90, down 5.26% or 38 rupees against the previous day's closing price of Rs 722.95 per share on NSE.
Kalyan Jewellers fell up to 10 per cent in the last 7 days. The decline came as investors jumped on a selling spree taking advantage of partial gains after the stock hit a record high on January 2. However, growth prospects for the jewellery maker remain strong. The company said in its quarterly update that the December quarter was "very satisfactory" with consolidated revenue growth of 39 per cent year-on-year.
Brokerage firm Citi has also shown its faith in the stock as it retained a 'buy' call with a price target of Rs 810 per share.
Kalyan Jewellers Q3 Result
On Tuesday, Kalyan Jewellers said its consolidated revenue grew 39 per cent year-on-year during the third quarter of the current fiscal year on the back of strong festival and wedding demand. The company had posted an adjusted net revenue of Rs 5,223.07 crore in the third quarter (October-December) of the previous fiscal.
The company said in its latest quarterly update that its India operations witnessed revenue growth of 41 per cent in the third quarter of FY 2024-25 compared to the third quarter of the previous year, with same-store sales growth of 24 per cent.
Revenue from Middle East operations grew 22 per cent to contribute 11 per cent to consolidated revenue.
The company said it opened 24 Kalyan showrooms in India and the first company-owned showroom in the US during the third quarter, while its digital platform Candor recorded 89 per cent revenue growth during the period.
