Q1 profit for Rajesh Exports rises by 34 per cent to Rs 399 crore

Rajesh Exports, the company controlling more than 35 per cent of the gold regulation internationally, reported a 34.43 per cent hike in its consolidated net profit for the quarter that ended on June 30, 2018. The net profit amounted to Rs 399.1 crore.

In a regulatory filing, the company said that the net profit a year ago was Rs 296.8 crore. The total income this year was Rs 43,926.7 crore as compared to Rs 50,408.2 a year ago. The expenses, when compared to last year have decreased from Rs 50,116 crore to Rs 43,535.7 crore this year.

The order book valuation for the company stood at Rs 44,628.7 crore till June end.

Rajesh Mehta, the company’s Chairman said, “The company has achieved a significant milestone in recording the highest ever EBIDTA and profit after tax (PAT) for a quarter. The company is on track of its objective of achieving higher profits.” He also mentioned that the organization’s focus on achieving increased value addition and expanding the retail business has given rich dividends to the company’s profitability.

The organization, under Rajesh Exports MD, Prashant Mehta is building a gold refinery in Bengaluru. This will aid the company’s backward integration strength, ensuring smooth flow of raw materials for its operations in future.

The total refining capacity for Rajesh Exports stands at 2,400 tonne at present.