Asian Star Full-Year Revenue Skyrockets
May 31, 2022 8:41 AM
By Rapaport News
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RAPAPORT... Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star surged in the past fiscal year as the economy recovered and Covid-19 restrictions loosened.
Group revenue — including at subsidiaries — jumped 73% to INR 44.3 billion ($570.3 million) for the year ending March 31, the company said Monday. Diamond sales soared 82% to INR 39.02 billion ($502.3 million), while revenue from jewelry climbed 42% to INR 7.57 billion ($97.4 million). Profit spiked 47% to INR 940.4 million ($12.1 million).
The growth comes after sales slid 16% in 2021, when the Indian government implemented a lockdown and heavy Covid-19 restrictions.
Revenue grew 15% year on year to INR 12.54 billion ($161.6 million) in the fourth fiscal quarter. Profit fell 43% to INR 218.7 ($2.8 million).
Image: Diamond rings. (Asian star)
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Tags:
Asian Star, diamond, India, Jewelry, Rapaport News
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