Suashish Net Annual Profit Up 77% in 2007

Indian diamond and jewelry manufacturer Suashish Diamonds has reported a 77 percent increase in net profit and a 6 percent increase in income in 2007. The company recorded a net profit of Rs 767.7 million ($19.5 million), up from Rs 433.2 million ($11 million) in 2006, on a total income of Rs 10.24 billion ($260.16 million). In 2006 total income was Rs 9.67 billion in 2006 ($245.68 million).

For the fourth quarter, net profit rose a substantial 333 percent to Rs 290.8 million ($7.39 million), while income grew by 9 percent to Rs 3.72 billion ($94.51 million).

According to Suashish managing director Ashish Goenka, “The company is one of the lowest cost manufacturers in the world, and the high levels of operational efficiency enable us to achieve an inventory cycle time of 35 days against the industry average of 70 days.”

The DTC Sightholder states that it is one of the largest taxpayers in the diamond industry in India. It has also been ranked among India’s top 500 companies by turnover and among India’s top 100 wealth creators by the ET 500 report.

Suashish’s board of directors has also decided to extend the current accounting year for 15 months, so that subsequent accounting years will be from April 1 to March 31.