Shrenuj Consolidated Q1 net sales up 18.5 pc to Rs 338.81 cr

Mumbai, Aug 1 (UNI) Leading diamond-jewellery maker Shrenuj&Company Limited announced an 18.5 per cent increase in its sales revenue (consolidated) in the first quarter ended June 31, 2008 at Rs 338.82 crore, as against Rs 285.90 crore in same period last year.

The Net profit registered a growth of 58.5 per cent to Rs 13.12 crores for the fist quarter ended June 2008, up from Rs 8.28 crores in the same period last year. The EPS (not annualized) rose to Rs 2.00 from Rs. 1.32 last year.

According to group executive director Vishal Doshi, the performance is remarkable since it has been achieved in a challenging economic scenario, including stagnant American and Japanese markets and volatile currency rates.

Commenting on the results, Company Managing Director Shreyas Doshi said, ''The rise in profitability is a result of internal efficiencies and improved capacity utilization. He expressed his concerns about the rising prices of gold and rough diamonds, but expressed hope that with the economic revival of major markets, the price rise could be passed on to the consumer. He noted that the demand for diamonds worldwide continues to rise, despite economic slow down, auguring well for the company." UNI AR SR PD GC1713