India’s Asian Star Sees Strong Revenue Growth

Sales and earnings at Indian diamond manufacturer Asian Star rose sharply in the first fiscal quarter, reflecting the market’s solid rebound.

Group revenue, including at subsidiaries, jumped 45% year on year to INR 12.58 billion ($159.3 million) for the three months that ended June 30, the Mumbai-based company reported Friday. Profit increased 4% to INR 216.2 million ($2.7 million).

While sales growth was strong a year earlier, Asian Star benefited further from the surge the market saw during large parts of the first half of 2022. The company’s diamond revenues climbed 49% to INR 11.47 billion ($145.1 million) in the first fiscal quarter, with jewelry sales up 18% at INR 1.66 billion ($21 million).