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Shrenuj’s 1H Revenue +16%, Diamond Sales +19%
Nov 11, 2015 7:45 AM
By Rapaport News
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RAPAPORT... Shrenuj & Company Ltd. reported that sales increased 16
percent to $458.7 million (INR 30.3 billion) year on year in the first half to
September 30. Net profit for the period slumped 44 percent to $4 million, the
Indian polished diamond and jewelry manufacturer said in a statement November
10.
Diamond sales advanced 19 percent to $414.1 million, while
sales of studded jewelry increased 2 percent to $61.1 million. Profit on
diamonds before tax and finance costs increased 13 percent to $16 million,
while profit on studded jewelry fell 34 percent to $2.1 million.
Meanwhile, revenue in the second quarter to September 30
increased 26 percent to $243.8 million and net profit plunged 79 percent to $861,000.
During the second quarter to September 30, the company
focused on fast-moving products and profitable revenue streams rather than on
volume of sales, chairman and managing director Shreyas K. Doshi said in the statement.
Despite increases in several metrics, the company said the
results reflect a sluggish gems and jewelry trade, with consumer confidence low
and companies suffering from inventory surpluses. The outlook for the markets
for the ongoing festive season remains “neutral,” Shrenuj said. However, it
expects a revival in consumer demand in certain segments, especially in bridal
jewelry.
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Tags:
India, Manufacturing, Rapaport News, Shrenuj & Company
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