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Rajesh Exports 3Q Sales +26%, Profits +51%

Feb 9, 2012 4:04 AM   By Dilipp S Nag
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RAPAPORT... Rajesh Exports Ltd. reported that net sales rose 26 percent year on year to $1.32 billion (INR 65.18 billion) during its third fiscal-quarter that ended on December 31, 2011. Growth was driven by the company's export and retail business.

Net profit jumped 51 percent to $23.3 million (INR 1.15 billion) for the company, which retails its products through its own Shubh Jewellers showrooms. Total expenditure increased 24 percent to $1.28 billion (INR 62.89 billion) during the quarter.

The profit increase was primarily due to growth out of retail operations, Rajesh Exports noted. The Bangalore-based company currently has 75 retail stores and said that it plans to open another 50 stores in the southern Indian state of Karnataka within the next two quarters. It will expand the presence of Shubh Jewellers across the country with 500 new stores by 2014.

The company stated that it had outstanding orders worth $998.2 million (INR 49.12 billion) as of December 31, and these are to be completed by March 2012.
Tags: Dilipp S Nag, gold, India, Jewelry, Karnataka, Rajesh Exports, Rapaport, retail, Shubh Jewellers
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