Rajesh Exports Q3 Net declines 30.3% to Rs 91.66 cr

Gold and diamond jewellery company Rajesh Exports today reported a 30.3 per cent decline in its standalone net profit at Rs 91.66 crore for the third quarter ended December 31, 2013.
The company had posted a net profit of Rs 131.47 crore in the year-ago period, it said in a BSE filing.
Standalone total income of the company fell by 36 per cent to Rs 5,023 crore in the October-December quarter this fiscal from Rs 7,823.16 crore in the same quarter of 2012-13 fiscal.
Commenting on the performance, Rajesh Exports Chairman Rajesh Mehta said: "The quarter was a highly challenging quarter, in the light of the various restrictions brought in by the government on gold and gold jewellery business to contain the Current account deficit of our country."

Inspite of the challenging atmosphere, Rajesh Exports has performed well and registered healthy revenues and profits for the quarter, due to its inherit strengths in the business, he added.
"The company has plans to open 33 more SHUBH Jewellers Showrooms in the state of Karnataka, within the next two quarters, which would complete its retail expansion plans in the state of Karnataka," Rajesh Exports said.
It 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 2017. Currently the company has 83 SHUBH Jewellers, retail showrooms, it added.

Shares of the company today closet flat at Rs 78.65 apiece from its previous BSE closing.