Asian Star Full-Year Revenue Skyrockets

RAPAPORT... Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star surged in the past fiscal year as the economy recovered and Covid-19 restrictions loosened.Group revenue - including at subsidiaries - jumped 73% to INR 44.3 billion ($570.3 million) for the year ending March 31, the company said Monday. Diamond sales soared 82% to INR 39.02 billion ($502.3 million), while revenue from jewelry climbed 42% to INR 7.57 billion ($97.4 million). Profit spiked 47% to INR 940.4 million ($12.1 million).The growth comes after sales slid 16% in 2021, when the Indian government implemented a lockdown and heavy Covid-19 restrictions.Revenue grew 15% year on year to INR 12.54 billion ($161.6 million) in the fourth fiscal quarter. Profit fell 43% to INR 218.7 ($2.8 million).Image: Diamond rings. (Asian star)