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Gitanjali’s 2Q Profit Soars as Revenue Surges 40%
Nov 9, 2015 9:51 AM
By Rapaport News
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RAPAPORT... Gitanjali Gems reported revenue surged 40 percent to $520.5
million (INR 34 billion) in the second quarter, helped by large sales hikes in India and in its
jewelry division.
Profit soared 113 percent to $6.2 million in the three
months to September 30, the company said
in a statement.
However, diamond sales slumped 30 percent to $99 million and profit from the
diamonds division plunged 65 percent to $1.2 million.
Revenue from the jewelry segment catapulted 71 percent to $42.8
million, the statement said. Overall
revenue from India jumped 69 percent to $216.8 million and sales from the rest
of the world grew 25 percent to $303.8 million.
The Indian jewelry group said regulatory restrictions on the
import of gold and unfavorable changes in the rupee-dollar exchange rate
continue to impact the company. It was $13.8 million overdrawn in its working
capital account as at September 30, the company added.
Revenue increased 39 percent to $948.6 million for the half
year to September 30, the company said.
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Tags:
Gitanjali Gems, India, Rapaport News, retail
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