Gitanjali Q1 Earnings +39%, Posts $27.4M Profits

(IDEX Online News) – Gitanjali Gems Ltd reported net sales of $572.7 million (Rs.25.95 billion) for the quarter ended June 30, as compared to $411.78 million (Rs.18.66 billion) in the corresponding quarter of the previous fiscal year, registering a growth of 39.1%.

The group is a DTC Sightholder, diamond and jewelry manufacturer and India’s largest branded jewelry retailer in terms of number of outlets.

Gitanjali reported a net profit of $27.4 million (Rs.1.24 billion), growing 55.2% over the $17.6 million (Rs.797 million) reported during the same period the previous year.

Group Chairman and Managing Director Mehul Choksi attributed the results to the fact that jewelry and diamonds have grown as asset classes. He said the group was pleased to be in a category that offered these asset classes together with brand appeal, during these uncertain times.