Shrenuj Q3 Revenue +37% to $181.2 Mln

(IDEX Online News) – DTC Sightholder Shrenuj & Company announced a 37 percent increase in revenue to $181.2 million (Rs.8.95 billion) for the third quarter ending December 31, 2011.Profit was up 20 percent to $3.8 million (Rs.187 million).

Revenue for the first three quarters of the year was up 35 percent to $473.6 million (Rs.23.4 billion) year-over-year. Profit for the period increased 30 percent to $11.6 million (Rs.571.8 million).

Group Executive Director Vishal Doshi said that the company's focus on acquiring greater market share during the economic downturn was paying off. "With the sharp recovery in the US and a few other major markets, we are set to surpass our revenue and bottom line targets for the year," he said.

According to Doshi, the company has had encouraging results from the market research for a niche diamond jewelry product in the US market.

"The new product line is based on a very special cut, proven by leading gem-testing laboratories to be the most brilliant diamond in the world. We plan to launch this new brand in mid 2012 through 250 to 300 stores of a major retail chain in the US," he said.

Chairman and Managing Director Shreyas Doshi observed that the adoption of prudent risk mitigation and contingency planning had helped the company successfully get through the last six volatile months.