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BW Businessworld
|July 26, 2025
RAJESH EXPORTS saw stable operations in FY24, despite profit pressure from global volatility and softer demand in bullion markets
RAJESH EXPORTS (REL), the world's largest gold refiner and a key player in the global bullion trade, reported a steady operational performance in FY24 even as profitability came under pressure amid volatile international markets and tightening global demand cycles.
The company clocked a total income of Rs 2.8 lakh crore for the financial year ended March 31, 2024, compared to Rs 3.3 lakh crore in FY23. Net profit stood at Rs 335.5 crore, down from Rs 1,432.3 crore in the previous fiscal—reflecting margin compression due to lower trading volumes, foreign exchange fluctuations, and a cautious global retail environment.
Despite the earnings decline, REL retained its strategic strengths across the gold value chain—from refining to jewellery retail and global exports.
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