Shree Ganesh Jewellery expects $1 billion turnover in 2010-11

July 26th, 2010 - 7:54 pm ICT by IANS  

Kolkata, July 26 (IANS) City-based hand-crafted jewellery maker Shree Ganesh Jewellery House expects to clock a turnover of $1 billion in 2010-11, a top company official said here Monday.
“The current quarter is crucial for us and our order book for this period is Rs.1,500 crore,” Nilesh Parekh, chairman, told reporters at a press meet.

The company’s order book size is Rs.3,000 crore for the current fiscal (2010-11).

The company’s export markets are primarily in the UAE, Hong Kong and Singapore. Export contributes up to 96 percent of its sales.

“The company is set to increase its export volumes by diversifying its product portfolio to diamond and machine made Italian jewellery. These new additions are expected to add up to 35 percent of the export revenues,” he said.

Revenues from exports stand at Rs.1,194 crore for the quarter ended June 30, 2010 against Rs.514 crore in the corresponding period last year.

The net profit for first quarter of 2010-11 jumped by 124 percent from Rs.28.48 crore a year ago to Rs. 63.73 crore.

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