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India’s Asian Star Sees Strong Revenue Growth
Aug 1, 2022 7:10 AM
By Joshua Freedman
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RAPAPORT... Sales and earnings at Indian diamond manufacturer Asian Star rose sharply in the first fiscal quarter, reflecting the market’s solid rebound.
Group revenue, including at subsidiaries, jumped 45% year on year to INR 12.58 billion ($159.3 million) for the three months that ended June 30, the Mumbai-based company reported Friday. Profit increased 4% to INR 216.2 million ($2.7 million).
While sales growth was strong a year earlier, Asian Star benefited further from the surge the market saw during large parts of the first half of 2022. The company’s diamond revenues climbed 49% to INR 11.47 billion ($145.1 million) in the first fiscal quarter, with jewelry sales up 18% at INR 1.66 billion ($21 million).
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Tags:
Asian Star, India, Joshua Freedman, Manufacturing, Rapaport News
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