Gitanjali quarterly net up 52 per cent at Rs 80.04 cr

MUMBAI: Branded jewellery firm Gitanjali Gems on Tuesday posted 52 per cent in net profit at Rs 80.04 crore for the quarter ended September 30, compared to 52.74 crore in the corresponding period last year.

The company registered a growth of 43 per cent in sales at Rs 2,509.71 crore for the second quarter, against Rs 1,757.73 crore in the same quarter of last fiscal, Gitanjali Gems said in a statement in Mumbai.

"The momentum in domestic market has been the biggest contributor to this growth," Gitanjali Gems managing director Mehul Choksi said.

He said that all brands are transforming themselves into becoming chain stores. "Focusing on the franchisee network, we look forward to penetrating into the hinterlands of the country where the entrepreneurial generation is untapped," Choksi said.

Net profit for the six months ended September 30, registered a growth of 61.66 per cent at Rs 158.74 crore, from Rs 98.19 crore in the same period last year.

The company's net sales for the period witnessed a growth of 41 per cent at Rs 4,375.61 crore against Rs 3,109.89 crore in the corresponding period of last fiscal.

Gitanjali Group is a corporate with interests in diamond jewellery, retail and lifestyle businesses.

Some of well-known and well established brands of the company include, 'Nakshatra', 'Gili', 'Asmi', 'Sangini' and 'D'Damas'.