Shrenuj’s Sales Up 56% in Q2

(IDEX Online News) - Shrenuj & Company posted revenues of Rs. 6.03 billion ($135.8 million) in the second quarter, soaring 56 percent year-over-year, and leading to a 15 percent growth in net profit to Rs. 149.3 million ($3.4 million).

The DTC Sightholder increased purchases of raw materials to Rs. 2.95 billion ($66.4 million) in the quarter and increased its stock to Rs. 1.14 billion ($25.7 million).

Shrenuj’s revenues from retail and branded jewelry operations have swelled 64.5 percent in the first half to Rs. 687.2 million ($15.5 million). The firm’s Indian retail venture Diti is expected to have about 130 points of sales by March 2011 and is scheduled to add another 40 by the end of next year.

Together with the Hong Kong retail venture Joliesse, the company is expecting their jewelry and retail operations to account for more than half of its revenues by fiscal 2011-12.

According to Chairman and Managing Director Shreyas Doshi, the company focused on the fast growing markets in the eastern hemisphere, particularly China and India.