Shrenuj Q1 Revenues Jump 45% to $152.6 M

(IDEX Online News) – DTC Sightholder Shrenuj announced a 45 percent increase in sales to $152.6 million (Rs.6.76 billion) for the quarter ended June 30.

Profit after tax was $4.3 million (Rs.191.7 million) as against $3.1 million (Rs.135.7 million) for the same period in the previous financial year.

Shrenuj is listed on the Bombay Stock Exchange Its operations include diamond jewelry manufacturing and wholesaling, including its own brand Diti.

The company’s loose diamond sales generated revenues of $115.1 million (Rs. 5.1 billion), while its diamond jewelry generated sales of $43.1 million (Rs.1.91 billion).

The company expects 50 percent of its revenue to be generated by jewelry manufacturing, franchising and retail segments by 2015.

Chairman and Managing Director Shreyas Doshi announced the commissioning of a new diamond cutting and polishing unit in South Africa, adding that the unit would help with catering to the needs of Shrenuj’s downstream operations.