Shree Ganesh Jewellery Q3 PAT up 78 pc at Rs 68.2 cr

Mumbai, Jan 19 (PTI) Buoyed by robust growth in exportsand the consistent domestic market performance, jewellerymaker and exporter Shree Ganesh Jewellery House witnessed Rs68.2 crore profit after tax for the third quarter endedDecember 31, up by 78 per cent from last year.

The company''s PAT during the third quarter of 2009-10 wasat Rs 38.3 crore, the company said.

"Robust demand on the exports front and modest yetconsistent progress in the domestic market accomplishedthrough our retail endeavour have been key to the excellentperformance," Shree Ganesh Jewellery House Chairman NileshParekh told PTI.

The company''s expansion of its manufacturing capacity andrise in gold prices also added to this growth, he said.

Shree Ganesh Jewellery House produced 15,302 kg jewelleryfrom a capacity of around 26-25 tonne, he said.

The total income of the company improved by 43.11 percent to Rs 1,119.4 crore from Rs 782.2 crore in the samequarter last year.

Meanwhile, during the first nine months of FY 11, PAT wasup by 82.76 per cent at Rs 216.2 crore compared to Rs 118.3crore in the same period last year.

Similarly, the company enjoyed 98.88 per cent growth inincome at Rs 4,146.7 crore from Rs 2,085 crore in thecorresponding period last year.

Going forward, Shree Ganesh Jewellery House, which hasaround 25-30 per cent yearly expansion target, is planning toincrease its retail presence by adding seven stores across thecountry. .