C. Mahendra Exports Ltd. reported that net sales rose 6 percent year on year to $361.1 million (INR 19.48 billion) for the fiscal year ended on March 31, 2012. The Mumbai-based diamond and jewelry manufacturer didn’t observe a specific reason for the increase, Rapaport reported.
Net profit, however, fell 28 percent to $7.7 million (INR 414.1 million) during the year due to higher expenditure and finance costs.
Total expenditures rose 7 percent to $344.9 million (INR 18.61 billion), while finance costs surged 47 percent to $19.5 million (INR 1.05 billion), C. Mahendra reported. The company sells its jewelry under the brand name “Ciemme.”
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