Rajesh Exports slides on reporting weak Q3 numbers

Rajesh Exports tumbled 7.21% to Rs 312.85 after the company's consolidated net profit dropped 97.05% to Rs 12.43 crore in Q3 FY24 as against Rs 421.56 crore posted in Q3 FY23.

Revenue from operations slipped 30.69% year on year to Rs 65,476.89 crore in the quarter ended 31 December 2023.

Profit before tax in Q3 FY24 was at Rs 12.67 crore, registering a de-growth of 97% from Rs 423.14 crore recorded in the corresponding quarter previous year.

Total expenses tumbled 30.38% YoY to Rs 65,476.25 crore in Q3 FY24. Cost of material consumed stood at Rs 65,434.51 crore (down 30.33%YoY) and employee benefit expenses stood at Rs 41.46 crore (down 29.87%YoY).

On nine months basis, the companys consolidated net profit slumped 65.57% to Rs 367.1 crore on 15.61% decline in revenue to Rs 1,89,231.39 crore in 9M FY24 over 9M FY23.

Rajesh Exports is one of the largest manufacturers of gold products in the world. The company exports its products to various countries around the world and also supplies its products in wholesale market and jewellery showrooms across India.

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