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)
Sales Jump at Indian Manufacturer Asian Star
The Bottom Line
- Asian Star's Q3 sales increased 42% year over year to INR 11.52 billion ($154.2 million).
- Net profit for the quarter rose 83% to INR 207.9 million ($2.8 million).
- For the nine months ending December, sales jumped 116% to INR 31.76 billion ($425.3 million) and profit nearly tripled.
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