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Shrenuj Register Revenue and Profit Growth in 2Q

Aug 14, 2015 4:30 AM   By Rapaport News
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RAPAPORT... Shrenuj & Company Ltd. reported that revenue rose 6 percent year on year to $218 million (INR 14.2 billion) during that quarter that ended June 30. The company's profit increased 2 percent to $3.2 million (INR 208.1 million), and earning per share rose 3 percent $0.02 (INR 1.09).

Shrenuj is polished diamond and diamond jewelry manufacturer based in India. It manufactures polished diamonds from melee up to 10 carats in size and studded jewelry set in gold or platinum.

By segment, loose diamond revenue increased 6 percent to $192.4 million (INR 12.5 billion), according to a financial statement it filed with the Bombay Stock Exchange (BSE) on Wednesday. Sales of studded jewelry rose 8 percent to $31.4 million (INR 2 billion). Intersegement sales, which are deducted from total revenue, jumped 62 percent to $5.9 million (INR 382.8 million).

“We have faced severe headwinds in some of our key markets but we have been able to mitigate this by offering higher margin products to negate the impact of lower volumes,” said Shreyas K. Doshi, the chairman and managing director of Shrenuj, in a statement issued on Thursday. “As a result, we expect our cash flow to improve significantly with a positive impact of bottom line. We are hopeful of a promising second half in the current financial year.”
Tags: earnings, loose diamonds, Rapaport News, Shrenuj, studded jewelry
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