Shrenuj Sales Rise to $303.3 Million
June 29, 09
Despite a tough economic environment, Diamond Trading Company (DTC) Sightholder Shrenuj & Company Limited posted a 19 percent increase in annual consolidated sales to Rs. 14.6 billion ($303.3 million).
Net profit, however, fell 47 percent to Rs. 236.9 million ($5 million) in the fiscal year.
Fourth quarter sales rose 12.6 percent to Rs. 2.5 billion ($52 million).
“We saw rapid growth in the first half while the second half experienced and unprecedented decline,” said Group Executive Director Vishal Doshi. “The recent depreciation of rupee has led to about 25 percent decline in actual utilization of working capital finance in India in USD terms.”
The company said it expects a recovery in the economic situation by the end of the year.
Shreyas Doshi, vice chairman and managing director, said rough diamond prices will rise during the year, as manufacturing volumes increase. “We also foresee an increase in U.S. demand for jewelry. Overall, we are very optimistic about the performance in the current year.”
Shrenuj is a Mumbai, India headquartered gem and jewelry company with activities ranging from rough diamond purchasing, through diamond and jewelry manufacturing to branding and retailing. It plans to increase the number of its shop-in-shop jewelry chain Diti to 100 points of sales in the next two years.
The company said it plans to bring a major international jewelry brand to India later this year.