The Hindu Business Line : Rajesh Exports net up at Rs 27.31 cr

RAJESH Exports Ltd (REL), a leading exporter of gold jewellery, has announced a record increase in its profit after tax for the financial year April 2003-March 2004.

The net profit for the year ending March 2004 showed a phenomenal jump of 270 per cent over the previous year, the company has announced.

The net profit of REL has improved to Rs 27.31 crore from Rs 7.37 crore.

Commenting on the financial results, Mr Rajesh Mehta, Chairman of Rajesh Exports Ltd, said, ``The company has exceeded our expectations in terms of performance which can be clearly seen in our bottom line, which has grown by almost 270 per cent. This healthy growth can be attributed to our state of the art manufacturing facility and the introduction of improved technical expertise in addition to the valuable support and hard work of our team since the last 15 years. We remain confident of REL's ability to continue to deliver positive financial performance year after year.'' In view of the good results, REL has proposed a divided of 50 per cent, a huge jump as compared to the 15 per cent dividend, which was paid last year.