Tara Jewels Q2 net dips by 29% to Rs 11.03cr

Jewellery manufacturer and exporter Tara Jewels reported 29 percent fall in consolidated net profit to Rs 11.03 crore in the second quarter ended September 30, due to lower sales.

The company had clocked a net profit of Rs 15.48 crore in the same quarter a year ago. Net sales of the company decreased by 5.45 percent to Rs 358.39 crore during the July-September period of this financial year from Rs 379.06 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 percent of the company's total sales are from exports. Tara Jewels chairman and managing director Rajeev Sheth said: "Due to government regulations, now gold is more expensive and that has affected the whole industry. But still we are optimistic about the coming quarters especially on the exports front." He added that the company has now has 50 operational stores spread over 37 cities in 12 states.