Rajesh Exports' net climbs 10%, plans aggressive expansion

Plans to add 34 new stores to existing 82 Shubh Jewellers showrooms in next 2 quarters

Rajesh Exports Ltd posted a 10% jump in net profit and is said it will add 34 stores to its existing 82 Shubh Jewellers showrooms in the next two quarters.

“The company would be further expanding its retail presence to the other three Southern States, and further to a Pan Indian presence. The company has plans to open 500 Shubh Jewellery showrooms by the year 2015,” the company said in a statement.

The company posted a first-quarter net profit of Rs 108.12 crores in the quarter ended June 30, 2013 from Rs 98.3 crores in the comparable quarter last year. Total operating income climbed about 8% to Rs 159.45 crores.

Net sales rose about 11% to Rs 5503.2 crores, largely due to larger profitability of its retail initiative, Shubh Jewellers.

Shares of the company were trading up 1 percent at Rs 103 apiece, at about 13.10 hours Wednesday, on the BSE.