Shrenuj & Co Sales Up 7.4% to $151 Million

(IDEX Online News) – Mumbai-based Shrenuj & Company reported net sales of Rs. 8.24 billion ($150.9 million) in the quarter ending September 30, a 7.4 percent year-over-year increase.

The DTC Sightholder's profits have eroded by 1.6 percent to Rs. 190 million ($3.5 million), the company reported over the weekend.

“We have been experiencing economic uncertainty in most of our major markets," said Shreyas Doshi, chairman and managing director. "The danger of yet another recession and the resulting changes in consumer sentiments led to slower inventory turns.

"The prices of the rough diamonds softened during the last quarter, providing a much needed relief to manufacturers."

Doshi added that while India and China will continue to serve as the company's base for growth in revenue, this would be at "a lower level.” 

Shrenuj is a public company trading on the Bombay Stock Exchange. It is an integrated gem and jewelry firm with activities ranging from diamond and jewelry manufacturing to retailing. Shrenuj’s diamond manufacturing facilities are in India, Botswana and South Africa.