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Shrenuj's Revenue and Profit Slump in 4Q
May 29, 2015 9:26 AM
By Ronen Shnidman
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RAPAPORT... Shrenuj & Co., a Mumbai-based diamond and jewelry manufacturer, reported that sales slumped 47 percent year on year to $156 million (INR 9.97 billion) during its fiscal fourth quarter that ended March 31. Group revenue from loose diamond sales plummeted 51 percent to $127.8 million (INR 8.14 billion). Sales of studded jewelry declined 24 percent to $28.4 million (INR 1.81 billion). Shrenuj's profit fell 83 percent to $699,000 (INR 44.5 million).
Profit before tax and finance costs on loose diamond sales declined 36 percent to $5.4 million (INR 340.8 million). Studded jewelry garnered a profit before tax and finance costs of $567,000 (INR 36.7 million), a decline of 70 percent.
Shrenuj cautioned that the group's performance this past fiscal year and fourth quarter were not strictly comparable as results were significantly affected when a large number of its overseas subsidiaries shifted their financial reporting to a calendar year.
Shreyas Doshi, the managing director for Shrenuj, told CNBC-TV 18 that he was optimistic that the group's performance would improve substantially in coming quarter due to stable polished diamond prices and falling raw material costs.
“The market is improving and we are doing extremely well in America,” Doshi said.
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Tags:
Diamond manufacturing, mumbai, Polishing, profit margin, Ronen Shnidman, Shrenuj, studded jewelry
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