Jewellery exporter Rajesh Exports on Friday reported a 101% rise in net profit at Rs 237 crore for the June quarter compared with Rs 118 crore in the corresponding quarter last year. Net sales of the company have increased 91.5% to Rs 15,144 crore from Rs 7,905 crore a year ago.
The operating profit has risen 61.7% to Rs 380 crore during the first quarter from Rs 235 core in the same period last year. The rise in profits was on account of highest ever first quarter sales which have nearly doubled compared to same quarter last year. The company has executed all its orders received during the quarter. However, revenue and profit for this quarter does not include the performance of Valcambi, the Swiss gold refinery that was acquired by the company last month.
“This is the highest first quarter performance of the company. The growth in retail business of the company and the growth in profitability of Valcambi in the coming quarters would further ensure a rapid growth in the profitability of the company,” Rajesh Mehta, chairman of Rajesh Exports Limited said in a statement.