Tara Jewels posts consolidated Q1 net up by 32% at Rs 11.64 cr

NEW DELHI: Jewellery manufacturer and exporter Tara Jewels today reported 32 per cent increase in consolidated net profit to Rs 11.64 crore in the first quarter ended June 30 on account of better sales.

The company had clocked a net profit of Rs 8.84 crore in the same quarter a year ago.

Total income of the company increased by 15.25 per cent to Rs 329.26 crore during the April-June period of this financial year from Rs 285.69 crore in the same period last year, the company said in a filing to the BSE.

The business activities of the company are divided into three main segments; manufacturing, exporting and retailing.

Profits of the company were mainly driven by the exports as 80 per cent of the company's total sales that equals to Rs 265 crore are from exports.

Tara Jewels Chairman and Managing Director Rajeev Sheth said, "In the fiscal 2013-14 we are aiming the exports to be around Rs 1400 crore and domestic sales to be around Rs 300 crores."

Welcoming the RBI latest step, Sheth added that the 20:80 principle of RBI is very favourable for Tara Jewels as we are a nominated agency itself and also derive over 80 per cent of the revenues from exports.

He added that the company will be expanding from 30 stores in 19 cities to 50 stores in 37 cities in India in the year 2013-14.

Shares of the company today fell 1.04 per cent to Rs 118.90 a piece on the BSE.