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Gitanjali Gems net profit up 71% yoy

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Gitanjali Gems Ltd., the leading branded company in India reported net sales of Rs18.66bn for the quarter ended June 30th, 2010 as compared to Rs13.52bn in corresponding quarter of last fiscal year, registered a growth of 38%.

During the quarter the group also registered Net Profit of Rs790mn, grown by 71%, as compared to Rs460mn posted in the same quarter of last fiscal year. Earnings per share stood at Rs9.3 per share as compared to Rs5.3 per share in the corresponding quarter of last fiscal year. The EBIT margin for the quarter was at 7.3% as against 6.4% in the corresponding quarter of last fiscal, registered a growth of 57%.

Commenting on the company’s performance, Mehul Choksi, MD, Gitanjali Gems Ltd., said, “First quarter results have been in line with our efforts towards expansion drive in the branded jewellery segment. The value proposition will remain to achieve mass for the establish brands through retail penetration and offer jewellery and complementary lifestyle product categories to the consumers.” Further Mr. Choksi also added, that he is pleased with significant growth in earnings for its shareholders.

Other key financial highlights:
Contribution form Jewellery segment stood at 54% of net sales, while EBIT was at 10% of the total jewellery sales. In absolute terms, total EBIT was at Rs1.36bn from Rs. 870mn in correspondent quarter last year. Overall jewellery segment observed a growth of 50% from Rs6.63bn to Rs9.98bn for in Q1.

Courtesy: Gitanjali Gems Ltd



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Posted by Naresh Koshti on 10 August, 2010 4:31:28 PM IST #