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Rajesh Exports' 3Q Revenue -36%, Profit -30%
Feb 18, 2014 3:42 AM
By Deena Taylor
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RAPAPORT... Rajesh Exports reported that its revenue fell 36 percent year on year to $808.7 million (INR 50.23 billion) in the third quarter that ended on December 31. The company's profit fell 30 percent to $14.8 million (INR 916.7 million).
"The quarter was a highly challenging quarter in light of the various restrictions brought in by the government on gold and gold jewelry businesses to contain the current account deficit of our country," said Rajesh Mehta, the chairman of Rajesh Exports.
Nonetheless, the company intends to continue expanding its retail presence, which operates under the brand name SHUBH Jewellers, across India with plans to open 33 showrooms in the southern state of Karnataka over the next two quarters. Rajesh Exports will also open SHUBH Jewellers showrooms in three southern states. The company currently runs 83 points of sale and expects to have 500 locations by 2017.
During the first nine months of the fiscal year, Rajesh Exports' revenue fell 13 percent to $2.73 billion (INR 169.6 billion), while net profit declined by 12 percent to $48.7 million (INR 3.02 billion).
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Tags:
Deena Taylor, diamonds, gold, jewellery, Jewelry, Rajesh Exports
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