Rajesh Exports Q1 profit up 34 pc to Rs 399 cr

Rajesh Exports, the world's largest gold refiner, today reported 34.43 percent jump in consolidated net profit to Rs 399.1 crore for the quarter ended June 30, 2018.

Net profit in the year-ago period stood at Rs 296.8 crore, the company said in a regulatory filing.

Total income declined to Rs 43,926.7 crore from Rs 50,408.2 crore in the year-ago period.

Expenses, however, remained lower at Rs 43,535.7 crore as against Rs 50,116 crore in the said period.

The company said its order book stood at Rs 44,628.7 crore till June-end.

"The company has achieved a significant milestone in recording the highest ever EBITDA and profit after tax (PAT) for a quarter. The company is on track of its objective of achieving higher profits," Chairman Rajesh Mehta said.

The company's focus on achieving higher value addition and on expanding its retail footprint has paid rich dividends to the profitability of Rajesh Exports, he said.

It is also in the process of building a world-class gold refinery at Bengaluru, to add to the backward integration strengths, which would ensure smooth flow of raw material for its forward operations, he added.

With the recent acquisition of Valcambi, the world's largest gold refinery in Switzerland, Rajesh Exports has built up a total capacity to refine 2,400 tonnes of gold per annum.

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