RAPAPORT… Sales and profit grew at Indian
diamond manufacturer Asian Star in the second fiscal quarter amid improved
jewelry exports and a strong performance at its Dubai trading unit.
The Mumbai-based group saw strong margins in its jewelry division, especially the export business, Pranav Kapadia, Asian Star’s chief manager for accounts and tax, told Rapaport News. It also enjoyed a robust quarter at its Dubai subsidiary that trades mainly in rough diamonds, Kapadia added.
Group revenue rose 16% year on year to INR
10.96 billion ($155.7 million) in the three months ending September 30. Net profit jumped 97% to INR 370.3
million ($5.3 million).
“Now we’re focusing more on jewelry
operations, and we’re estimating good revenue from [that segment],” Kapadia
said, adding that it offered better profitability compared with diamond cutting.
Diamond sales remain Asian Star’s
largest division, with revenue up 14% to INR 9.43 billion ($133.9 million) for
the quarter. Jewelry proceeds also improved 14% to INR 2.09 billion ($29.7 million). Total revenue is less than the sum of those two sales figures, because certain transactions span both segments.
Image: Asian Star jewelry. (Asian Star)
Sales Rise at India’s Asian Star
The Bottom Line
- Asian Star's group revenue rose 16% year over year to INR 10.96 billion ($155.7 million) in Q2 ending September 30.
- Net profit surged 97% to INR 370.3 million ($5.3 million), supported by strong margins in jewelry exports and Dubai rough diamond trading.
- Diamond sales remain the largest division with 14% revenue growth to INR 9.43 billion ($133.9 million), while jewelry revenue also increased 14% to INR 2.09 billion ($29.7 million).
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