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Gitanjali Gems FY Sales +27%, Profit +21%
May 28, 2013 5:04 PM
By Ricci Dipshan
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RAPAPORT... Gitanjali Gems Ltd. reported that group sales rose 27 percent year on year to $2.9 billion (INR 164 billion) during its financial year that ended on March 31. Strong sales were noted for gold jewelry and ecommerce channels. Profit soared 21 percent to $105.4 million (IND 5 billion).
"The diversified portfolio of channel mix, category mix and geographic mix has contributed to the desired growth. We remain focused on the quality of growth to achieve better realizations from our branded jewelry business,” said Mehul Choksi, the chairman and managing director of Gitanjali Gems. “India is our key market with immense opportunity. We have added a significant number of franchisees and own stores especially in the tier 2 and 3 towns of the country and we see a continuous expansion in these channels throughout India.”
Sales at the company’s diamond business grew 26 percent year on year to $1.2 billion (INR 68.80 billion), while jewelry segment sales increased 45 percent to $1.8 billion million (INR 101 billion ).
Gitanjali’s sales in India rose 59 percent to $1.7 billion (INR 95.9 billion), while international sales increased 6 percent year on year to $1.2 billion (INR 68.2 billion). International sales were bolstered by the company’s four new Middle East stores, as well as a strong Christmas season in the U.S., where comparable-store sales jumped 18 percent.
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Tags:
Gitanjali Gems, Ricci Dipshan
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