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Rajesh Exports 4Q Sales +37%, Profit +78%
May 30, 2012 4:46 AM
By Dilipp S Nag
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RAPAPORT... Jewelry manufacturer Rajesh Exports Ltd. reported that net sales rose 37 percent year on year to $1.57 billion (INR 87.11 billion) during its fourth fiscal-quarter that ended on March 31, 2012. Growth was driven by the company's export and retail business.
Net profit jumped 78 percent to $16.2 million (INR 901.9 million) primarily due to growth in operating profit out of the retail division. The company retails its products through its own Shubh Jewellers showrooms.
Total expenditures increased 37 percent to $1.54 billion (INR 85.49 billion) during the quarter.
The Bangalore-based company, which currently has 80 retail stores, said that it plans to open another 40 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.
For the fiscal year, the company’s net profit rose 64 percent year on year to $73.2 million (INR 4.07 billion) while net sales increased 23 percent to $4.63 billion (INR 257.20 billion).
Rajesh Exports stated that it had outstanding orders worth $840.1 million (INR 46.72 billion) as of March 31, and these are to be filled by June 2012.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
Dilipp S Nag, gold, India, Jewelry, Karnataka, Rajesh Exports, Rapaport, retail, Shubh Jewellers
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