Asian Star, an Indian diamond and jewelry manufacturer, saw its revenue increase in the third fiscal quarter as sales recovered from a slump caused by the pandemic that struck the country the previous year.
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In the three months ending December 31, the company’s sales increased by 42 percent year on year to INR 11.52 billion ($154.2 million), according to figures released last week. For the period under review, net profit increased by 83 percent to INR 207.9 million ($2.8 million).
The results — which include subsidiaries — are better than they were in the same period a year earlier, when many businesses were affected by Covid-19 lockdowns and other restrictions. Last year’s consumer demand was also lower than in the year before.
Diamond sales increased by 46 percent to INR 9.95 billion ($133.3 million) in the third quarter, while jewelry sales increased by 31 percent to INR 2.23 billion ($29.9 million), according to the company.
Sales increased by 116 percent during the nine-month period from April to December, reaching INR 31.76 billion ($425.3 million). Profit increased by nearly threefold to INR 721.7 million ($9.7 million), up from INR 258.5 million ($3.5 million) the previous year.
