Shrenuj sees 30-35% annual revenue growth

MUMBAI: Jewellery maker Shrenuj & Co. Ltd. expects consolidated revenue to grow 30-35 percent a year over three years driven by overseas expansion and retail growth, a senior official said on Friday.

The company expects to boost net profit margins to 4.5 percent in 2007/08 from about 3.5 percent last year, Chief Financial Officer Vinod Shetye said.

Shrenuj, in the midst of expanding retail presence in India, now plans to enter China by 2009, another senior official said. It has 10 stores in Hong Kong.

The company bought U.S.-based distributor Simon Golub & Sons Inc. for $22.7 million earlier this year.

"We expect more growth from stand alone stores than shop-in-shops," Vishal Doshi, Goup Executive President told Reuters.

Shrenuj plans to set up a jewellery and diamond manufacturing factory in southern Africa with an initial investment of $4-5 million, he said.

Shares in the company were down 4.6 percent to 41.45 rupees in a weak Mumbai market.