Rajesh Exports net up 1.5 times

Rajesh Exports, the country’s largest manufacturer and exporter of jewellery, has reported growth in net profit of over one-and-a-half times at Rs 43.9 crore for the third quarter ended December 31, 2009, compared with the corresponding period in the previous year. The company attributed the growth to improvement in markets.

The Bangalore-based company recorded net sales of Rs 4,532.1 crore — a growth of 65.87 per cent. Operating profit doubled to Rs 66.87 crore. The company’s order book position as on December 31, 2009, was Rs 1,132.64 crore.

“A year ago, we were cautious in our business outlook and were not giving any credits. But, with some sort of stability returning to the market, we have started offering some credit. We have removed caution to some extent,” Chairman Rajesh Mehta said.

The company nets nearly 94 per cent of its sales from exports and the rest from the domestic market.