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RAPAPORT... Shrenuj & Company reported that revenue increased 22 percent year on year to $711.3 million (INR 38.6 billion) for the fiscal year that ended on March 31. Profit rose 4 percent to $13.5 million (INR 734 million) and earnings per share improved to INR 9.56 from INR 9.23 one year ago.
During the fourth quarter of the company's fiscal year, revenue jumped 10 percent to $162 million (INR 8.9 billion). Profit surged 126 percent to $5.5 million (INR 297 million). Shrenuj & Company just recently commissioned a new manufacturing unit in Patna to expand its diamond-manufacturing base for smaller size diamonds. Once the facility is fully operational, the company anticipates producing 300,000 pieces per month. Shrenuj operates diamond polishing units in Mumbai, Surat, Johannesburg and Gaborone. Shreyas K. Doshi, the chairman of Shrenuj & Company, stated that the company's financial performance was ''above par'' considering the prevailing market conditions. ''We have seen a revival in the U.S. market demand but the Indian and Chinese demand has plateaued. With the recent correction in gold prices, we have seen a growth in demand in the on-going period. With the normalization in availability of rough diamonds and decrease in gold prices, we expect the demand in emerging markets, including India and China, to grow at a rapid rate.'' Additionally, Shrenuj & Company increased revenue and per unit prices by deploying innovative marketing strategies and offering new products he added. ''The depth of our designing capabilities was the core to our success in the year. We also successfully tested a new collection in the U.S. market and it is now being rolled out to over 800 stores. Its variants, using 10 hearts and 10 arrows diamonds, will be made available to consumers in other markets during the year.''
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