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RAPAPORT... Gitanjali Gems Ltd. reported that revenue fell 41.6 percent year on year to $250.8 million (INR 15.26 billion) in the first quarter that ended on June 30. Expenses were reduced 43 percent to $232.8 million (INR 14.16 billion) and profit rose 34 percent to $13.1 million (INR 7.97 billion). Diamond segment revenue plunged 63.1 percent to $86.5 million (INR 5.26 billion), while jewelry revenue fell 12.7 percent to $172.1 million (INR 10.47 billion). Intersegment revenue, which is deducted from the total, more than tripled to $7.8 million (INR 472 million). In a statement filed with the Bombay Stock Exchange, the company noted that restriction on gold imports and an unfavorable rupee exchange-rate against the dollar severely impacted results. Gitanjali's overdrawn amount on June 30 totaled $16.5 million (INR 1 billion), mainly from not servicing interest debt during the period.
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