Renaissance Jewellery Q3 net profit up 27% to Rs 37.59 cr

Renaissance Jewellery on Wednesday posted 27 per cent jump in consolidated net profit at Rs 37.59 crore for the December 2018 quarter. The company had posted a net profit of Rs 29.6 crore in the year-ago period, the company said in a statement.

Net income rose to Rs 822.37 crore from Rs 616.09 crore during the corresponding quarter of 2017-18.

“We reported strong sales growth in the third quarter largely driven by robust traction in licensed branded jewellery sales and increased proportion of studded jewellery to our customers across various markets,” Renaissance Jewellery Vice Chairman Sumit Shah said.

In addition, the recent acquisition of Jay Gems has now been successfully integrated and has positively contributed to the revenues, he added.

The company has diversified operations across the key markets in the US, the UK and Middle East with its global marketing presence through own subsidiaries and via strategic acquisitions over the years..