Witnessing overwhelming increase in its sales, Flawless Diamond India Ltd posted seven-fold increase in its net profits. The company saw profits worth Rs 4.52 crore in the first quarter of this fiscal, up from Rs 0.53 crore in the same period last year.
Sales increased owing to its retail initiative started early this year under the name of OM Jewellery in Mumbai and Delhi, said Rajiv Kamdar, director.
The company’s net sales in the first quarter this year doubled to Rs 124.05 crore, from Rs 36.57 crore in the corresponding period last year. Operating profit increased six times to Rs 5.23 crore from Rs 0.74 crore quarter-on-quarter.
The company is planning to open eight more showrooms by September this year.