Kalyan Jewellers eyes ₹13,000-crore turnover on ₹900-crore expansion.

Kerala-based Kalyan Jewellers is eyeing a turnover of ₹13,000 crore this fiscal (FY-17) banking primarily on its ₹900-crore retail expansion plans through 20 stores in India and in the United Arab Emirates (UAE).

The company, which has PE investor Warburg Pincus as a minority shareholder, will fund expansion plans mostly through own resources. It has 76 stores in India and 21 in Qatar, Kuwait and the UAE.

According to Ramesh Kalyanaraman, Executive Director, there are no immediate plans to raise funds. And, the company has already invested ₹300 crore towards six of the 15 showrooms it planned to set up in the country this fiscal.

Three stores have come up in Rajasthan in April and another three are expected in Kolkata. While five stores are in the works in Uttar Pradesh and Madhya Pradesh, the rest nine will be in South India.

“We are targeting a 30 per cent jump in turnover to ₹13,000 crore this fiscal. Expansion will be through company-owned stores only. As of now, the focus is to have stores in tier I cities outside South India,” he told BusinessLine during an interview.

Of the ₹10,000 crore topline last fiscal, 15 per cent or ₹1,500 crore came from overseas retail operations.

Five new stores will come up in the UAE and a foray into Singapore and Malaysia are being explored too.

HBL