The Hindu Business Line : Rajesh Exports Q3 net profit rises 118%

Bangalore, Jan. 10 Riding high on retail expansion, jewellery manufacturer Rajesh Exports has posted a 118 per cent rise in net profit for the third quarter at Rs 61.24 crore. Revenues for the quarter ended December 31, 2007 grew 10 per cent to Rs 2,067.23 crore.

Mr Rajesh Mehta, Chairman of Rajesh Exports, said, “The company has outperformed its guidance, due to the focus on expansion plans. With our creative products and consistent quality offerings, we have been successful in posting impressive profitability. We are confident that we would continue to post impressive, high growth profitability and based on our world class infrastructure, we will emerge as the most profitable jewellery company in the world.”

Rajesh Exports’ retail venture consists of exclusive retail showrooms across India under the brand names Laabh Jewellers and Shubh Jewellers. There are currently 30 Laabh stores in the country. Shubh stores have been opened in Karnataka in the first phase.

It company has received an export order worth Rs 126 crore from Sharjah-based Excel Goldsmiths for diamond jewellery.

The company’s order book position as on December 31, 2007, was Rs 2,132 crore.