Sales Jump at Indian Manufacturer Asian Star

RAPAPORT… Revenue at Indian diamond and jewelry manufacturer Asian Star rose in the third fiscal quarter as sales recovered from the previous year’s pandemic-induced slump.

Sales climbed 42% year on year to INR 11.52 billion ($154.2 million) for the three months ending December 31, the company said last week. Net profit soared 83% to INR 207.9 million ($2.8 million) for the period.

The results — which include subsidiaries — are higher than in the comparable period a year earlier, when many businesses dealt with Covid-19 lockdowns and restrictions. Consumer demand was also lower the previous year.

Diamond sales rose 46% to INR 9.95 billion ($133.3 million) for the quarter, while jewelry revenue grew 31% to INR 2.23 billion ($29.9 million).

For the nine months from April to December, sales jumped 116% to INR 31.76 billion ($425.3 million). Profit nearly tripled to INR 721.7 million ($9.7 million), compared with INR 258.5 million ($3.5) the year before.

Image: Asian Star-manufactured jewelry. (GJEPC)