Shrenuj & Co. Revenue +28% to $567.3 M, Profit +24%

(IDEX Online News) – DTC Sightholder Shrenuj & Company Limited published its financial results for fiscal 2011-2012 (April to March), declaring a 28 percent year-on-year increase in revenue to Rs.31.5 billion ($567.3 million). Profit was up 24 percent over the previous year to Rs.703.4 million ($12.7 million). The company declared a 30 percent dividend.

The dollar figures have been computed at the current rupee-dollar exchange rate. The rupee was, however, considerably stronger at the beginning of the fiscal year and has steadily weakened against the U.S. dollar ever since.

During the year, Shrenuj commissioned a jewelry-manufacturing unit in Botswana and a diamond-polishing unit in South Africa. The company said it plans to open another large diamond processing unit in India this year.

The company said it secured notably large supply contracts for 2012-15 from the DTC in London and Botswana.

Shrenuj Chairman and Managing Director Shreyas Doshi commented, “We are pleased with the performance of the company, especially since the year 2011-12 was particularly challenging. The input prices of raw material - diamonds and gold – kept rising. The economic uncertainty resulted in lowered sales revenues in the Eurozone. The rise in U.S. demand was counterbalanced by a slightly subdued growth rate in China. In this scenario, our focus was on mitigating credit risk while sustaining growth.”