Gitanjali Gems Q1 net up 21% at Rs 148.98 crore
Mumbai: Gitanjali Gems on Saturday posted 21 percent growth in net profit for the quarter ended June 30, at Rs 148.98 crore against Rs 123.23 crore in the corresponding period last year.
The company's net sales also grew by 31 percent at Rs 3,384.73 crore in the reporting quarter compared to Rs 2,576.25 crore in the year-ago period.
"We are well-poised to capture opportunities stemming from the increasing appetite for branded jewellery in India. Our penetration into smaller towns and cities is in step with our strategic focus," Chairman and Managing Director of the company Mehul Choksi said.
The company will continue to offer a judicious mix of diamond and gold jewellery and a supreme retail experience in the world's leading jewellery markets, he said.
Gitanjali will simultaneously, look to capitalise on opportunities in other markets that have been exhibiting a growing preference for branded jewellery, he added.