Rajesh Exports clocks 64.2% increase in net profit in FY12

KOLKATA: Jewellery major Rajesh Exports has clocked a 64.2% increase in net profit to Rs 407.15 crore in FY12 as compared to Rs 247.95 crore in FY11.

The company attributes this jump in net profit to the growth of its retail operations. The net sales of the company in FY12 went up by 23.4% to Rs 25724 crore from Rs 20845.6 crore in FY11.

Commenting on the company's performance Mr Rajesh Mehta, chairman of Rajesh Exports Ltd said: "The company has acheived an impressive growth in its retail business and Shubh Jewellers has emerged as a household brand in the state of Karnataka. I ma glad that the company is now the largest retailer of gold jewellery in Karnataka."

The company has charted an aggressive expansion plan for its retail business. The company has plans to open 40 more Shubh Jewellers showrooms in the Karnataka within next two quarters, which would complete its retail expansion plans in the state.

The company will further expans its retail presence to other three southern states and further to a pan-India presence. The company has plans to open 500 Shubh Jewellery showrooms by the year 2014. Currently the company has 80 Shubh Jewellers retail showrooms.