Investor Centre MD's Message
MD's Message

CEO & Managing Director

2020-21 has been one of the most challenging and difficult times for all of us as the Covid-19 pandemic ravaged the globe. At the outset, my sympathies are with those whose lives have been impacted by this menace. In the same breath, on behalf of everyone at Asian Star, I would also like to express my sincere gratitude to the medical fraternity, the frontline staff as well as the essential and emergency workers who risked their lives to fight the pandemic every day.

As we continue to fight our battle with Covid-19, I am happy to share with you that 2021 marks a significant milestone in the Asian Star journey – we have completed 50 years. For all of us at Asian Star, this milestone is both memorable and momentous. It is a time to look back at our achievements with pride, and to look ahead to the future with purpose. Because, at Asian Star, we have always believed that Every Milestone is a Stepping Stone.

These incredible 50 years would not have been possible without the contribution of all our partners – our investors, our bankers, our shareholders, our customers, our suppliers and our employees. I thank all our stakeholders for ‘Growing Together’ as a family with us, which I firmly believe, is at the heart of sustained growth and enduring success of Asian Star.

Let me now take you through the performance of the Company during the year. The rough headwinds unleased by Covid-19 severely affected the industry. The first quarter of the year was literally washed out and there was an almost complete global shutdown. However, there was a gradual revival from the second quarter onwards. China, which is a significant market for diamonds, opened up fast. In the West, online sales in the US and Europe actually picked up in the second quarter. With the Company having a strong foothold and footprint in the global markets, this led to a notable acceleration in business. It is also pertinent to mention here the support of the mining companies who acted responsibly and allowed deferred offtakes. During the third quarter, business bounced back to near-normal levels in most western countries on the back of phased unlocking.

Against this backdrop, our consolidated total income from operations for the year was Rs. 2,544.39 crore compared to Rs. 3,052.94 crore in the previous year. Our Profit After Tax was Rs. 63.93 crore against a Profit After Tax of Rs. 63.40 crore in the earlier year (on a consolidated basis). These annual numbers reflect the challenging business environment during the year. But what definitely stands out is the Company’s unprecedented performance in the last six months - our consolidated income from operations was over 32% higher compared to the last six months of the earlier year (pre-Covid- 19). This exceptional performance is a testimony to the sincere efforts and team-work that everyone at Asian Star put in as a remarkable show of strength and resilience. I am proud of the team at Asian Star, and personally congratulate and thank each one of them.

As I look ahead, I am cautiously optimistic about the near-term future. Like all crisis, Covid-19 too has taught us important lessons. And it is these lessons - agility, resilience, upskilling, digital acceleration – that will make us stronger as we emerge from this crisis, ready to leverage the learnings for further growth and expansion in a post-Covid world.

I thank you for your trust in Asian Star, and urge you to please stay safe.