Goenka Diamond plans Rs 100 crore expansion | business | Hindustan Times
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Goenka Diamond plans Rs 100 crore expansion

business Updated: Jul 25, 2010 10:09 IST

PTI
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Betting big upon the rising demand for branded diamond jewellery, Mumbai-based Goenka Diamond and Jewels plans to scale up its operations and has earmarked an investment of upto Rs 100 crore to fuel its growth.

As part of the expansion plan, the company plans to open 19 more outlets pan-India over the next 18 months, taking the total number of outlets to 24, GDJ's Managing Director, Navneet Goenka, said.

"We are looking at opening 19 more stores over the next 18 months with an investment of Rs 100 crore. Of this 17 will be G Wild and two will be Ceres stores," GDJ's Managing Director, Navneet Goenka, said.

On the back of expansion plans, the company aims to grow at 25 per cent annually atleast in the next five years.

"We expect a 25 per cent top-line growth this fiscal, at par with the industry standards. The bottomline is expected to grow by nine per cent to around Rs 60 crore," Goenka said.

The company, which derives around 75 per cent of its total revenue from exports to countries like Russia and Malaysia, had clocked a net sales of Rs 536 crore in FY 10 and has targeted this number to go upto Rs 700 crore in FY11, Goenka said.