Shrenuj & Company reported an increase in sales revenue by 22% year-on-year to $ 711.3 million (38.6 billion rupees) for the fiscal year ended March 31, Rapaport reports. Shrenuj's profit rose 4% year-on-year to $ 13.5 million (Rs 734 million). Earnings per share were 9.56 rupees, an increase from 9.23 rupees per share for the previous year.
In the fourth fiscal quarter, the company recorded revenue growth of 10% to $ 162 million (Rs.8.9 billion) and revenue growth of 126% year-on-year to $ 5.5 million (Rs. 297 million).
Shrenuj & Company recently announced the launch of polished diamonds at a new plant in Patna, which will increase its production capacity for small diamonds: after reaching the designed capacity, the plant will produce 300,000 units a month. Production of Shrenuj diamonds is carried out at enterprises in Mumbai, Surat, Johannesburg and Gaborone.
Shrenuj & Company Chairman Shreyas K. Doshi noted that the company's financial performance exceeded expectations in the light of current market conditions. "We saw a recovery in demand in the US market, but demand in India and China remained unchanged. Given the recent correction in gold prices, there is a noticeable increase in demand in the current period. Provided that the supply of rough diamonds is normalized and gold prices are reduced, we expect an acceleration in the growth rates of demand in the fast-developing markets, including in India and China. "