Kalyan Jewellers India reported a 27.1% rise in its second-quarter profit on Tuesday, helped by rising domestic demand for its ready-to-wear jewellery line and increased traffic at stores ahead of.
Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales. "We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.
The positive consumer sentiment is rubbing off on jewellery sector stocks, with counters like Kalyan Jewellers, TBZ, Senco and PC Jeweller jumping up to 16 percent over the past week.