Gold and diamond jewellery company Rajesh Exports today reported a growth of five per cent in net profit at Rs 112.45 crore for the quarter ended September 30, owing to robust exports and retail business.
The company's net profit stood at Rs 107.07 crore for the corresponding period last fiscal.
Revenues for the quarter went up by 17 per cent at Rs 6,745.47 crore as against Rs 5,767.03 crore in the same quarter last year, Rajesh Exports said in a release issued here.
"The company has achieved an impressive growth in its export and retail business, and SHUBH Jewellers has emerged as a household brand in Karnataka. I am glad that the company is now the largest retailer of gold jewellery in Karnataka," Rajesh Exports Chairman Rajesh Mehta said.
"I am confident that my team will ensure that in the near future SHUBH Jewellers emerge as the largest retailer of jewellery in the country," he added.
On expansion, he said, the company will aggressively expand its retail presence across the country.
The company has plans to open 40 more SHUBH jewellers showrooms in Karnataka, within the next two quarters, which would complete its retail expansion plans in the state.
It would further expand its retail presence in the other three southern states and slowly aim for a pan-India presence.
The company has plans to open 500 SHUBH Jewellery showrooms by 2014. Currently, Rajesh Exports has 80 'SHUBH Jewellers' retail showrooms.