Rajesh Exports net up 58% to Rs 28 cr

Corporate Scorecard

The Bangalore-based branded jewellery maker Rajesh Exports posted 57.7 per cent higher net profit at Rs 28.12 crore for third quarter ended December 31, 2006, compared with Rs 17.83 crore during the same quarter last year.

The company's revenues were also up 44.66 per cent at Rs 1,873.16 crore for the December 2006 quarter. The order book position of the company as on date stood at Rs 1,242 crore, said Rajesh Mehta, chairman, Rajesh Exports.

"The company has successfully rolled out its retail network under the brand name Laabh Jewellers in 23 cities across the country. It is in the process of launching its private label for exports and for diamond jewellery collection," he added.

During the third quarter, Rajesh Exports formed two 100 per cent subsidiaries, 24K Retail and Bangalore Infra, to drive its retail operations and to develop existing real estate holdings in Bangalore. The company also entered the business of infrastructure development.

Tata Sponge net rises 193% to Rs 7 cr

Tata Sponge Iron reported a 192.9 per cent surge in net profit to Rs 7.06 crore in the December 2006 quarter.

Net sales rose 98.9 per cent to Rs 82.13 crore from Rs 41.29 crore in the third quarter of the previous year. Last March, Tata Sponge had raised its production capacity to 3.9 lakh tonne a year from 2.4 lakh tonne, an increase of 62.5 per cent.

Earlier, a consortium led by Tata Sponge comprising SPS Steel & Power and Scaw Industries was allotted a coal block on a 30-year lease in Radhikapur East in Angul, Orissa. With a higher quantum of power generation, the company is looking at alternatives to maximise revenues for the future sale of power.

The company's power generation capacity will go up to 26 mw from 7.5 mw after completing the ongoing installation of an 18.5 mw power plant attached to kiln-1 and kiln-3.