Shrenuj & Company Limited reported revenue growth of 40% year-on-year to $ 350 million (Rs 21.596 billion) following the first financial half-year ended September 30. The company's profit jumped by almost 33% to $ 6.8 million (Rs 421.6 million), Rapaport reports.
As a result of the second fiscal quarter, Shrenuj's revenues increased 41% to $ 188 million (Rs 11.63 billion), while profits increased by 32% to $ 4.1 million (Rs 251 million).
Shrenuj & Company said that it managed to increase revenues despite the extremely difficult conjuncture in the jewelry market and the volatility of the Indian currency, which fell to a record low against the US dollar.
In the first half of the year the company achieved the highest productivity and improved efficiency of jewelry and diamond units.
Chairman Shrenuj & Company Shreyas Doshi (Shreyas K Doshi) said: "We are very pleased with the financial performance amid the unfavorable economic situation. The growth in revenue is due to the stability of demand for jewelry in the US, as well as a steady, despite some depressed, demand in Asian markets ... The situation in the Japanese and European markets has stabilized, and we expect a significant increase in sales in these regions in the coming Christmas season. "