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RAPAPORT... Gitanjali Gem Ltd. group revenue jumped 25 percent year on year to $554.3 million (INR 34.5 billion) in the third quarter that ended on December 31. The company's expenses rose 30 percent to $520.4 million (INR 32.3 billion). Profit surged 90 percent to $15.4 million (INR 960 million). Group diamond revenue contracted 26 percent to $164 million (INR 10.2 billion); however, jewelry segment sales jumped 58 percent to $406.4 million (INR 25.3 billion). Revenue from other product sales fell 74 percent to $579,000 (INR 36 million). Intersegment revenue, which was deducted from the total, decreased 58 percent to $16.7 million (INR 1 billion). Sales from Gitanjali's operations in India surged 143 percent to $265.6 million (INR 16.5 billion), while operations from outside of the country experienced a sales decline of 14 percent to $288.7 million (INR 18 billion). Standalone revenue, which measured Gitanjali's sole operations without its subsidiaries, jumped 39 percent year on year to $281.6 million (INR 17.5 billion) in the third quarter. Profit improved to $6.3 million (INR 394 million) compared with $373,000 (INR 23.2 million) one year earlier. The group's overdrawn position of working capital totaled $23.6 million (INR 1.5 billion) as of December 31. In addition, a self assessment tax of $9.4 million (INR 582 million) and VAT, service tax and TDS of $1.5 million (INR 96 million) remained outstanding, according to the company's statement on the Bombay Stock Exchange.
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