For the fiscal year ended March 31, 2014, Tara Jewels Ltd. reported an increase in revenue by 3.4% compared to the previous year to $ 286 million (Rs 16.954 billion). This figure does not include the sale of ingots. The company's costs for the year increased by 4.3% to $ 263 million (Rs 15.594 billion). The profit fell by 31.6% to $ 8.5 million (Rs 504 million), Rapaport reports.
During the fiscal year, the company saw an increase in international sales of approximately 9% in year-on-year terms and a strong demand for jewelry in the US, China and Australia. Meanwhile, in India, Tara Jewels had to change its plans to expand its business against the backdrop of a complex macroeconomic environment and create a franchise model, as well as use the retail format of the store in the store.
Tara Jewels Chairman Rajeev Sheth commented on the company's results as follows: "Our indicators reflect the strengths of the chosen business model, which consists in concentrating activity on international markets and changing the strategy in the domestic retail market. Our strategy for selling branded products has brought good results. Great success has been achieved by the brands Monique Lhullier, Michael Beaudry, Heart Essence, Zac Posen and many others. In the future, we plan to expand the portfolio of brands. "