Company : Shrenuj & Company Ltd.
Sector : Diamonds, Jewellery, RetaiL
Mkt Cap : Rs. 259.96 crs as on
Shrenuj Sparkles: Announces 58% rise in PAT despite economic slowdown
- Shrenuj posts a PAT of Rs. 13.12 crores in Q1, 2009.
- Additional 34% shares acquired in Intergems (H.K.) Ltd. (Hong Kong), taking holding to 85% in the company.
- 100% Equity Holding of Alija International Pty. Ltd. (Australia) acquired during the quarter.
- 100% equity holding of Global Marine Development Company (USA) acquired during the quarter.
Shrenuj & Company Limited, presently spearheaded by Shreyas Doshi, Vice Chairman & Managing Director and Vishal S Doshi, Group Executive Director ; is an integrated gem and jewellery conglomerate with presence in 13 countries and a workforce of over 3,000 employees worldwide. 2008 marks 102 years of Shrenuj’s entry into the Diamond Business. Shrenuj has activities ranging from diamond processing, jewellery manufacturing to branding and retailing. Shrenuj Group’s state-of-the-art diamond manufacturing facilities in India and Israel specialize in processing high value diamonds in larger sizes. Shrenuj has six jewellery manufacturing units in Mumbai and one unit in Lyon, France. It also outsources manufacturing from 4 dedicated Chinese manufacturing units. Shrenuj has a capacity to produce 550,000 pcs per annum. With the addition of new unit, the capacity will be raised to 1,000,000 pcs per annum by December 2008.
Shrenuj’s international distribution model complements its international manufacturing platform. Its 15 ofices worldwide cater to all parts of the world. The Company has entered into JVs in Israel, France, USA and Hong Kong, in addition to its own offices worldwide. The acquisition of Simon Golub and Sons in 2007, one of the top US jewellery distributors, has added to the reach of Shrenuj in USA and Canada.
Shrenuj is a recipient of many national and international awards. The Company’s jewellery division has won the De Beers India jewellery design contest for the best design, the Indian National Design Contest and the prestigious Diamonds International Award organized by DeBeers for the best jewellery designed. In recent years, Shrenuj’s jewellery has won the 2007 HRD Award and 2008 JCK Jeweler’s Choice Award.
An active player in mass marketing since 2001 with brand presence in over 9 countries, Shrenuj has effectively used B2B and B2C in its Brand strategy. Shrenuj has developed many successful international diamond jewellery brands, such as Arisia, Sveni and Bhavya (India and middle East), Valina and Caro 74 (USA), Fiana (France), Scintilla88 and MasterCut (Australia) and Amante88 (Hong Kong).
Shrenuj’s retail strategy focuses on leveraging the potential in high growth developing markets in India, China and Middle East. Shrenuj has its own jewellery retailing operations in Hong Kong, the fashion capital of China. The fashion jewellery retail chain operates under Joliesse brand. Strategically located Joliesse stores offer contemporary and stylish jewellery to Hong Kong residents and the visitors from Mainland China. Shrenuj has also launched its jewellery retail operations in India under Diti brand. Diti is expected to grow to 170 POS in 29 Indian cities in the next two years.
- The Company is piloting an automation project in diamond manufacturing
- A new 30,000 sq ft standalone unit in Seepz will ensure full steam production from October 2008
- The management targets US $ 1 billion in sales by FY2012
- Plans to expand retail operations in China and India in the next 3-5 yrs
The Company posted a PAT of Rs. 13.12 crores in Q1, 2009, a hop of 58.5% from Rs. 8.28 crores in the previous fiscal. Consolidated Revenues for the same period stand at Rs. 338.82 crores, an 18.5% growth over Rs. 285.90 crores in the last fiscal.
For further details, please contact:
Ashish Jalan, Director