Shrenuj Revenue +30% to $545 Million
May 30, 11(IDEX Online News) - Indian DTC Sightholder Shrenuj & Co. saw revenue rise by 30% to $545.19 million (Rs.24.57 billion) and profit increase by 11% to $12.61 million (Rs.568.4 million), for the year ending March 31, the company said on Monday.
Results for the fourth quarter were good, with revenue up 21% to $162.87 million (Rs.7.34 billion) and a profit of $2.84 million (Rs.128 million). With earnings per share of $0.17 (Rs.7.50), the company has proposed a dividend of 30%.
Commenting on the performance, Chairman and Managing Director Shreyas Doshi indicated that margins might have been higher had it not been for high rough diamond costs. “Revenue growth has been driven by an increase in demand from all our markets, especially from India and China. We have been subjected to an unprecedented rise in the input prices of rough diamonds and precious metals over the past six months. We have been able to pass a part of this rise on to our customers.
“With the recent increase in the price of polished diamonds, we expect to increase our net margins significantly within the next two quarters,” Doshi added.