Shrenuj & Co. Ltd. reported that net sales rose 6 percent year on year to $129.1 million (INR 7.14 billion) during the first fiscal quarter that ended on June 30, 2012. Net profit, however, declined 34 percent to $2.3 million (INR 127.2 million) as expenses and finance costs rose while other income declined, Rapaport reported.
The diamond and jewelry manufacturer reported that diamond segment sales rose 6 percent to $98 million (INR 5.42 billion), while sales at its studded jewelry business fell 4 percent to $33.4 million (INR 1.85 billion). Inter-segment revenue declined 50 percent to $2.3 million (INR 128.7 million).
Group expenditures rose 5 percent to $121.1 million (INR 6.69 billion), while finance costs jumped 53 percent to $5.7 million (INR 313.2 million) during the quarter. Other income declined 33 percent to $374,638 (INR 20.7 million).
Shrenuj’s operations span 29 cities in India through its ''Diti'' retail venture, which has 175 points-of-sale. The Mumbai-based company also has a presence in Hong Kong through its ''Joliesse'' brand retail stores. It has manufacturing units in India, Botswana and Israel and the bulk of its revenues are derived from its diamond sales.
Shrenuj’s stock closed 3 percent lower at INR 58 per share Monday on the Bombay Stock Exchange.
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