|
|
|
 |
 |
| |
You are here: Home>Media>Gitanjali in the news |
|
<<back |
| |
Gitanjali Gems Limited Press release – Quarterly results June 2009. |
| |
- Jewellery segment continues to surge ahead, driven by domestic demand for retail brands
- Double digit growth in profits
|
| |
|
| |
Mumbai – July 29, 2009
Gitanjali Gems Limited, one of India’s leading integrated diamond and jewellery retailing and manufacturing companies announced its unaudited financial results for the quarter ended 30th June, 2009. The Company’s effective cost control policies and efficient strategy resulted in improvement in its profit margins. |
| |
|
| |
Highlights Quarter June 09 |
| |
Consolidated |
| |
- Revenues increased by 11% from Rs. 1218.14 crores for the quarter ended 30th June, 2008 to Rs. 1352.16 crores for the quarter ended 30th June, 2009.
- Jewellery sales went up from Rs. 482.42 crores in the previous quarter to Rs. 661 crores in the current quarter, representing a 37.51% per cent growth.
- The share of jewellery in the total turnover went up from 40 per cent to 49 per cent.
- Despite the economic downturn, operating profits before interest and exceptional items grew from 66.30 crores to Rs. 86.30 crores representing a 30 per cent growth.
- The net profit for the year stood at Rs. 45.45 crores for the quarter ended 30th June, 2009, as compared to the Rs. 41.77 crores in the previous quarter.
|
| |
|
| |
Standalone |
| |
- Revenues registered a 2% growth from Rs. 711.43 cr. for the quarter ended 30th June, 2008 to Rs. 728.45 crores for the quarter ended 30th June, 2009.
- Profit after tax stood at Rs. 37.96 crores, as compared to previous quarter profit of Rs. 33.54 crores.
- Operating profits registered a 13% increase to Rs. 37.96 crores for the quarter ended 30th June 2009 from Rs. 33.54 crores for the quarter ended 30th June, 2008.
|
| |
Management comment
|
| |
Mr. G.K. Nair, Executive Director, Gitanjali Gems Limited, commented on the results,” The quarter ended 30th June, 2009 has witnessed consistent growth in the jewellery segment. We are focused on leveraging on our domestic retail brands to strengthen our international presence. Our resilience and improvement in profit margins can be attributed to effective cost control policies and efficient strategies. However, our diamond segment revenues were adversely impacted due to the overall slowdown in the diamond industry. “ |
| |
|
| |
Strategy and outlook
The Company will continue to mature through the organic and inorganic routes, further strengthening it’s overseas presence. However, the domestic market remains to be the major catchment area for the thriving of domestic retail brands that have continued to accrue value for the Company.
The Company continues to work towards optimizing production costs to improve profitability and maximize shareholder value. |
| |
|
| |
About Gitanjali Gems Limited |
| |
Gitanjali Gems (GGL) is an India based integrated diamond and jewellery manufacturer and retailer established in 1966. The company`s activities are spread across the entire value chain from sourcing and processing rough diamonds to manufacturing, branding and retailing gold and diamond jewellery.
Gitanjali Gems Ltd., part of the Gitanjali Group of Companies promoted by Mr. Mehul Choksi, is one of the largest and fastest growing diamond and jewellery businesses in the world. The Group has been the pioneers of the jewellery retail revolution, with several of their brands enjoying strong equity amongst consumers, including Gili, Asmi, D’Damas, Maya Sangini. Gitanjali’s brands are thus, the most visible jewellery brands in the Indian market today.
Gitanjali has combined a world class manufacturing discipline with a reach-enhancing retail strategy to emerge as one of the most valuable jewellery conglomerates in the country today.
Gitanjali has four decades of experience, being one of the earliest diamond houses in India. The company was accorded a Sight by the Diamond Trading Company Ltd., London as early as 1968, making it amongst the first Sightholders in this part of the world. Having received over 50 National and Council awards from the Ministry of Commerce for outstanding exports, it is today one of the largest diamond exporting companies in India. Presently the Gitanjali Group has highly modernized diamond cutting and polishing facilities at 5 locations in India and globally diversified manufacturing operations in Bangkok, Vietnam and China and a marketing network spread across Europe, Hong Kong, USA and Japan.
Being a DTC Sightholder, a diamond and jewellery manufacturer, the Group has strategically positioned itself to manufacture and promote diamonds as well as studded jewellery all the way to the retail level. |
|
<<back |
| |
|
|
|
|
|
|
