RAPAPORT... India’s Tara Jewels Ltd. reported first-half net profit
slumped as sales, excluding bullion, fell 6 percent from a year ago.
Revenue declined to $99.4 million (INR 6.6 billion) in the
six months that ended September 30, the Mumbai-based jewelry designer and
manufacturer said
in a statement. Net profit dropped 16 percent to $2.2 million.
Tara plans to expand retail presence in India through
franchise, shop-in-shop and e-sales in the medium to long term,
it said in the statement. It has 30 stores in 27 cities and also a presence on Amazon
and Snapdeal.
Exports, which account for the bulk of the company’s sales,
were valued at $87.3 million, or 88 percent of overall revenue. Retail sales
within India were $12.1 million, representing 12 percent of total sales.
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