Shrenuj Q2 Profits Up 28.75%

Mumbai headquartered Shrenuj & Company, a publicly listed diamond and jewelry firm, reported a 28.75 percent growth in second quarter net profits, growing from Rs. 32 million ($700,000) to Rs. 41.2 million ($900,000). Gross income rose 35.22 percent to Rs. 1,918 million ($41.8 million) from Rs. 1,418.9 million ($31 million).

The Diamond Trading Company (DTC) Sightholder saw net profit during the first half of the year shoot up 61.05 percent to Rs. 86 million ($1.88 million) as gross income during the period jumped 53.87 percent to Rs. 3,790.9 million ($82.76 million).

The company reported that on a consolidated basis, the total income of the group for the half year ending September 30 totaled Rs 4,344.4 million ($94.84 million), netting Rs.131.4 million ($2.87 million).

Shrenuj expects to generate additional revenue from its upcoming jewelry-manufacturing unit in the tax free zone SEEPZ. “We are now a fully integrated company, spanning operations from diamond manufacturing, through jewelry manufacturing to retailing,” managing director Shreyas Doshi said in a release.

Shrenuj also announced that it opened an office in New York, a diamond distribution center serving the entire North American market. The New York subsidiary joins the jewelry distribution office in Los Angeles and a joint venture based in Ohio.

“With a global distribution spread from Hong Kong to Los Angeles now in place, we are well geared to drive growth in terms of revenue as well as operating margins, in line with our aggressive targets,” Doshi added.