Rajesh Exports Q1 net up by 10% at Rs 108 cr

Company clocked net profit of Rs 98 cr during the same period last year

Jewellery exporter and retailer Rajesh Exports Ltd (REL) today posted 10.03% increase in net profit to Rs 108.12 crore for the first quarter ended on June 30, on account of higher income.

The company clocked the net profit of Rs 98.26 crore during the same period last year.

Total income increased by 10.79% to Rs 5503.16 crore in April-June period of the current fiscal from Rs 4967.15 crore in the same period last fiscal.

"The company had posted a profit after tax of Rs 1081.24 million for the quarter. The company has achieved an impressive growth in its retail business and SHUBH jewellers has emerged as a household brand in Karnataka," REL Chairman Rajesh Mehta said in an statement.

The company has plans to open 34 more retail showrooms in next two quarters in Karnataka and by the year 2015 it has plans to open 500 showrooms across the country, the statement added.

 REL has jewellery manufacturing unit at Whitefield, in Bangalore.The peak out-put capacity of the factory is to produce 250 tonnes of jewellery per annum.