Sales Bounce Back at Indian Cutter Asian Star

RAPAPORT… Asian Star, one of India’s largest manufacturers of diamonds and jewelry, saw sales rebound in the three months ending September 30 as the global market continued its recovery from the Covid-19 crisis.

Revenue more than doubled to INR 11.59 billion ($156.6 million) for the Mumbai-based company’s second fiscal quarter, versus INR 4.98 billion ($67.2 million) a year earlier. Net profit soared to INR 306.1 million ($4.1 million), up from INR 140.6 million ($1.9 million) for the same period of 2020.

The results — which include subsidiaries — are “not strictly comparable” with last year because of the impact of lockdowns and other restrictions during the pandemic, the polishing firm cautioned in its recent earnings report. The virus outbreak slashed consumer demand during some of 2020, as well as limiting the ability of Indian cutting factories to operate.

Diamond sales reached INR 10.04 billion ($135.6 million) for the quarter, an increase from INR 4.08 billion ($55.2 million) a year earlier. Jewelry revenue climbed 70% to INR 2.07 billion ($27.9 million).

Image: Diamonds rings. (Asian Star)