Winsome Diamonds and Jewellery Limited reported revenue from operations rose 8.5 percent year on year to $350 million (INR 19.2 billion) for the fourth fiscal quarter that ended on March 31. However, the company recorded a loss of $15.3 million (INR 840 million) down from a profit of $2.2 million (INR 123 million) one year ago. Exports of cut and polished diamonds represented less than 10 percent of turnover.

The company explained in its filing that it exercised gold loan agreements with bullion banks, all of which may recall outstanding balances upon a default and they did so in March. Winsome added that it has also experienced delay in its account receivable from overseas clients and this severely impacted the company's cash flow. According to Winsome's statement, outstanding bullion bank loans of $663 million (INR 36.4 billion) were called in March, but only $193 million (INR 10.6 billion) worth of loans were due on March 31.

The company stated that outstanding account receivable was $869 million (INR 47.7 billion) on March 31 and $477 million (INR 26.2 billion) had not yet come due. The company is working to resolve outstanding billings with its clients and the bullion loans with banks, according to the statement.



Winsome Diamonds' fiscal year revenue rose 28.6 percent to $1.3 billion (INR 71.4 billion) but the company recorded a loss of $6.1 million (INR 335 million) compared with a profit of $17.5 million (INR 958 million) one year ago.

The board of directors has also filed a request with regulators to extend its financial year by six months to September 30, 2013.