Mumbai, Aug 17 (PTI) Rajesh Exports (REL), the world’s largest gold refiner, today said it hopes to complete its export order worth Rs 1,914 crore by September-October this year.Also Read - Bengaluru: NCB Seizes Drug Worth Crores Hidden in Consignment of Lehengas | Deets Inside
“In May this year, we secured an export order of Rs 1,140 crore from a UAE firm and it is to be completed in September 2017. Another export order of Rs 774 crore for gold products bagged in June is expected to be completed by October 2017,” a company said in a regulatory filing. Also Read - Vistara Flight Makes Emergency Landing In Indore; Passenger Declared Dead At Hospital
The order had been procured beating global competition and will be executed from its Bengaluru facility, the world’s largest gold manufacturing unit, it said. Also Read - Karnataka Lockdown: Bommai Govt Makes Big Announcement, Plans to Relax Curbs For Commercial Establishments, May Open Borders
The company has reported 10 per cent jump in net profit at Rs 296 crore in Q1FY 18 as compared to Rs 269.9 crore in the same period last year.
However, consolidated revenue declined by 14.4 per cent to Rs 50,408 crore in Q1 FY18.
In its Q1 FY2018 earnings presentation, REL executive chairman Rajesh Mehta said the company has kept up its financial performance in the challenging global business atmosphere.
The company has posted lesser revenues but has posted higher profitability, signalling a shift towards higher profitability businesses, he said.
REL has focused on adding new designs and improving products, a strategy which has yielded better profitability.
It will continue to focus on expansion of retail business and will increase reach to the end consumer, he said.
Headquartered in Bengaluru, the company has an extensive global manufacturing and marketing network with distribution through exports, wholesale and directly to consumers by its own retail brand.
REL refines over 35 per cent of the world’s gold. Its refineries are located at Balerna in Switzerland and Uttarakhand and they have a capacity to refine 2,400 tonnes of gold per annum. In FY17, the company refined 900 tonnes of the yellow metal, it said.
This is published unedited from the PTI feed.