The Hindu Business Line : Shrenuj all set to consolidate its position in global markets

SHRENUJ & Company Ltd (SCL) has launched `Fiana', a new branded jewellery collection in France with a local partner, under the promotional programme of Diamond Trading Corporation (DTC).

It has also repositioned Daily Jewellery Ltd, a Hong Kong-based jewellery retail chain in which the company acquired 51 per cent stake, as `Joliesse' with a revamped brand identity.

The Shrenuj group is now poised to consolidate its position in the emerging global markets, such as West Asia, the Far East and parts of Europe where the demand has shown positive trends. Shrenuj group recorded a turnover of Rs 558.27 crore for the year ended March 2005 as against Rs 462.55 crore in fiscal 2003-04, showing a growth of over 20 per cent.

The bottom line also improved significantly during the year as net profit advanced to Rs 12.13 crore from Rs 7.81 crore in 2003-04, showing a growth of 55 per cent.

This resulted in a significant increase in earnings per share from Rs 7.70 to Rs 11.06.

In view of the improved performance, the board of directors has recommended a higher dividend of 30 per cent against 25 per cent paid during the previous year. Commenting on performance, Mr Shreyas Doshi, Managing Director, SCL, said that the performance was remarkable in terms of increased profitability as global prices of rough diamonds have been increasing while that of polished ones have lagged.

In its overall operations, the diamond business contributed nearly 85 per cent of the sales revenue with the jewellery business contributing the rest.

"Our entire business model is now consumer-centric. We have eliminated the processes that do not add value to our customers, thereby achieving significant improvements in our capacity utilisation. This process has been going on for the past few years and the results are now very visible in the bottom line," he added.

With the Far East, China and West Asia showing faster growth, we have now decided to widen our footprint to these regions more effectively. In the present year, we plan to open an office in Dubai, in addition to a few other places across the globe," Mr Doshi pointed out.

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