Shrenuj & Co.’s diamond sales up 19% in fiscal Q3

For the three-month period ending December 31, 2010, Shrenuj & Co., noted a 17 percent rise (y-o-y) in its group sales to $143.1 million. It noted increased revenues across all its major markets including US. Its diamond unit sales rose 19 percent to $102 million and studded jewellery sales (branded and retail sales and intersegment) rose 16 percent to $43.3 million.

The company’s net profit got a marginal boost of 2 percent to amount to $30.9 million at the end of the said three months. The performance, as per the company, is a sign of improved market sentiments and increased consumer confidence and has kept up with the expectations of the company.

This growth is further being underlined with expansion, as the company plans opening a new jewellery manufacturing facility in Botswana soon, and infuses technological and skill enhancements at its existing facilities.

Overall sales in the first nine months of fiscal 2011, have shown a significant 34 percent jump (y-o-y) to $377.1 million, a 39 percent rise in diamond sales to $272.2 million and 27 percent increase in jewellery sales, including inter-segment sales, to $108 million. Group profits valued $92.6 million, a rise of 19 percent.