Banaras Beads Ltd Q2 net profit rises 29 percent to Rs 1.39 crore

Banaras Beads Ltd reported a 29 percent increase in net profit to Rs 1.39 crore ($1,65,368) for the third quarter ended September 30, as against Rs 1.08 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 21 percent to Rs 12 crore, as against Rs 10 crore in the corresponding quarter of the previous fiscal year.

For the first half of the financial year, the company reported revenue of Rs 20 crore with a net profit of Rs 2 crore.

Commenting on the results, Ashok Kumar Gupta, chairman managing director of Banaras Beads Ltd in a statement said, “The revenue from operation increased at half year ended on September 30 by 18 percent and profit by 26 percent in comparison to the previous fiscal year.”

“The company expects that its turnover and profitability both will be increased by 20 percent in coming the quarters,” he added.

Banaras Beads Ltd is in the business of manufacturing and export of handicraft items like glass beads, necklaces, imitation jewellery among others.