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Rajesh Exports 2Q Sales +17%
Nov 15, 2012 4:10 AM
By Dilipp S Nag
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RAPAPORT... Jewelry manufacturer Rajesh Exports Ltd. reported that net sales rose 17 percent year on year to $1.23 billion (INR 67.45 billion) during its second fiscal quarter that ended on September 30, 2012. Growth was driven by its export and retail businesses.
Profit increased 5 percent to $20.5 million (INR 1.12 billion). Total expenditures were up 17 percent to $1.19 billion (INR 65.51 billion) during the quarter.
The company stated that it has developed a new collection of jewelry for the upcoming Christmas season driven by demand from the export markets. Rajesh Exports noted that it had outstanding orders worth $1.19 billion (INR 65.32 billion) as of September 30, 2012.
During the fiscal first half, the company’s net sales increased 12 percent year on year to $2.13 billion (INR 117.13 billion), while net profit rose 4 percent to $38.3 million (INR 2.11 billion).
The Bangalore-based Rajesh Exports currently operates 80 retail stores in the state of Karnataka under the Shubh Jewellers brand. It plans to open 500 showrooms by the year 2014 across India.
*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:
christmas, Dilipp S Nag, gold, India, Jewelry, Karnataka, Rajesh Exports, Rapaport, retail, Shubh Jewellers
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