Rajesh Exports net profit up 50%

Rajesh Exports net profit up 50%

Rajesh Exports, on Thursday, announced 50 per cent jump in net profit at Rs 114.70 crore in the third quarter ended December 31, 2011 compared to Rs 76.12 crore in the corresponding quarter last fiscal.

Briefing reporters, Rajesh Exports Ltd Chairman Rajesh Mehta claimed, “The rise in profits was mainly driven by the expansion in the retail operations. The company’s retail business doubled during the third quarter to Rs 400 crore compared to the year ago period.” The net sales during the quarter increased to Rs 6,518 crore, a jump of 26 per cent compared to the same period last year. The growth in sales was driven by export business and also the retail sales.

The retail sales contributed to 6 per cent of the total sales during the quarter, Mehta said.