Shrenuj rides on the profit rollercoaster

Shrenuj & Co Ltd., after recently revamping its corporate structure, has accomplished a steep increase of 81 percent in its net profits, for the quarter that ended June 30, 2007. The net profits are valued at Rs. 81.2 million ($1.98 million). Also, a 24 percent hike in revenues has amounted to Rs. 2,286 million ($55.84 million).

"We are currently piloting a few alternate distribution channels for our diamonds and jewellery and we believe that these new channels will ably complement our own distribution in 13 countries,� Managing Director Shreyas Doshi said.

Shrenuj has acquired U.S. based distributor Simon Golub & Sons Inc. for $22.7 million during the early part of this year, besides setting up new offices overseas. Apart from expanding its retail presence in India, Shrenuj is planning to enter China. Chief Financial Officer Vinod Shetye mentioned that the company expects its consolidated revenues to scale up by 30 to 35 percent per year, during the next three years, driven by overseas expansion and retail growth.