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Sales Rise at India’s Asian Star
Dec 4, 2018 9:10 AM
By Rapaport News
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RAPAPORT... Sales and profit grew at Indian
diamond manufacturer Asian Star in the second fiscal quarter amid improved
jewelry exports and a strong performance at its Dubai trading unit.
The Mumbai-based group saw strong margins in its jewelry division, especially the export business, Pranav Kapadia, Asian Star’s chief manager for accounts and tax, told Rapaport News. It also enjoyed a robust quarter at its Dubai subsidiary that trades mainly in rough diamonds, Kapadia added.
Group revenue rose 16% year on year to INR
10.96 billion ($155.7 million) in the three months ending September 30. Net profit jumped 97% to INR 370.3
million ($5.3 million).
“Now we’re focusing more on jewelry
operations, and we’re estimating good revenue from [that segment],” Kapadia
said, adding that it offered better profitability compared with diamond cutting.
Diamond sales remain Asian Star’s
largest division, with revenue up 14% to INR 9.43 billion ($133.9 million) for
the quarter. Jewelry proceeds also improved 14% to INR 2.09 billion ($29.7 million). Total revenue is less than the sum of those two sales figures, because certain transactions span both segments.
Image: Asian Star jewelry. (Asian Star)
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Tags:
Asian Star, Dubai, exports, India, Jewelry, Pranav Kapadia, Rapaport News
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