PRESS RELEASE
New Delhi
October 31, 2008
Silver Smith India Limited (SSIL), Bombay stock exchange listed multidimensional jewellery solution company, announces financial results for Q2 of 2008-2009
Sales up by 255% at 118.00 lakhs; PAT up by 667% at 26.76 lakh
Silver Smith India Ltd., listed on Bombay Stock Exchange, is a multidimensional jewellery solution company. It is the first of its kind to service the requirements of ever growing jewellery industry and spans across three segments of the silver jewellery business – education, design outsourcing & retail.
The sales for Q2 in 2008-2009 were Rs. 118.00 lakh up from Rs.33.22 lakh in Q2 2007-2008 marking an increase of 255% over last year.
Profit after tax was up to Rs. 18.65 lakh in the same quarter, up from Rs. 2.43 Lakh in the same quarter last year, marking an increase of 667.48% over last year.
EPS of the company also went up to Rs.0.45 for Q2, 2008-09 up from Rs.0.05 in Q2, 2007-08
The increase has been primarily due to company extending its business of manufacturing and trading in jewellery, turnover of which has seen a quantum leap to Rs.92.01 lakh in Q2, 2008-09 from Rs.8.24 lakh in Q2, 2007-08
“Silver Smith intends to focus on high end jewellery and expand its presence in the education sector. We expect to see the company taking a quantum leap in the next 2-3 years in terms of revenues and retail presence†says Mr. BK Narula, Managing Director, Silver Smith India Limited. He further added that “the company is looking at adding more brands besides “Niche†in its portfolioâ€.
SSIL operates the Jewellery Design and Technology Institute (JDTI) at its Noida facility. JDTI recently opened its second centre in Chandigarh and plans are afoot to open two more centres by the end of this financial year.
About Silver Smith India Limited:
Silversmith India Ltd. was incorporated in 1994. Listed on the Bombay Stock Exchange, it is a multidimensional jewellery solution company. It is first of its kind to service the requirements of ever growing jewellery industry. (www.silversmithindia.com)
It has three divisions to cater different aspects of jewellery:
EDUCATION
Jewellery Design & Technology Institute (JDTI), a model institute setup to provide the much needed skilled professionals to the ever-growing jewellery industry, was conceptualized by its parent company Silver Smith India Ltd.
JDTI is promoted by the Indo-German Export Promotion Project implemented by the Gesellschaft fuer Technische Zusammenarbeit (GTZ, German agency for Technical Co-operation) facilitating technology transfer from Germany for selected India companies. It is also supported by World Gold Council, an international non-profit organization with its head office in London involved in promotional activities to increase the consumption of gold.
The institute founded in 1999 has become an active part of jewellery industry and educational sector with large strength of students and well experienced academic staff. It has build a strong infrastructure, offering rich knowledge about Jewellery designing that maximizes your awareness and skill sets. It is the institute, which is known for providing extensive exposure in Jewellery manufacturing in well-equipped workshops with the availability of advance tools and technologies.
For more information, please visit: www.jdtiindia.com
DESIGN OUTSOURCING
Design Development Centre (DDC) was initiated to help jewellery companies outsource their design related requirements. DDC aims to introduce innovative, creative and personalized designs and also offers related services like product development, graphic identity and technical detailing amongst others. For more information, please visit: www.ddc.silversmithindia.com
SIGNATURE JEWELLERY
Niche is an exquisite jewellery brand. Handcrafted in precious metals and accentuated with Swarovski components and semi precious gemstones, each piece is an individual statement that embodies luxury and elegance, while at the same time satisfying the desire for contemporary style. For more information, please visit: www.niche.in
For more information, please contact:
Media/ Analysts / Investor Relations
Sunil Kumar Singh / Nidhi Gupta/ Amit Azad
finesse PR
+91 11 43056200 (30 lines)/ +91 11 27022460 / 27013586
