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You are here: Home>Media>Media Releases |
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Gitanjali Gems Limited
Press release – Half Yearly results September 2009. |
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- Strong performance in jewellery segment,
- Significant growth in Indian market
- Double digit growth in profits
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Mumbai – October 30, 2009
Gitanjali Gems Limited, one of India’s leading integrated diamond and jewellery retailing and manufacturing companies announced its unaudited financial results for the half year ended 30th September, 2009. Driven by strong growth in the jewellery sales, particularly in the domestic market, the company registered a significant growth in net profit, despite the tight market conditions. This validates the effectiveness of cost control policies, and the bold, but calculated marketing and sales strategy adopted in this period.
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Highlights Half Year September 09 |
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- Revenues increased by 24% from Rs. 2509.63 crores for the half year ended 30th September, 2008 to Rs. 3109.90 crores for the half year ended 30th September, 2009.
- Jewellery sales went up from Rs. 1206.9 crores in the previous period to Rs. 1605.4 crores in the current period, representing a 33 per cent growth.
- The share of jewellery in the total turnover went up from 48 per cent to 52 per cent.
- The share of Indian market in the total turnover went up from 36 per cent to 40 per cent.
- Despite the economic downturn, operating profits before interest and exceptional items grew from Rs 135.47 crores to Rs. 190.16 crores representing a 40 per cent growth.
- The net profit for the half year stood at Rs. 98.19 crores for the period ended 30th September, 2009, as compared to the Rs. 90.41 crores in the previous period, representing a growth of 8.60 per cent.
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Others |
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The Company announced that it has acquired a majority stake in Spectrum Jewellery Pvt Ltd that earlier functioned as a JV. Spectrum is the owner of the Sangini brand of diamond jewellery. |
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Management comment |
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Commenting on the results, Mr. Mehul Choksi, Chairman and Managing Director, Gitanjali Gems Limited, said, ”There is a marked change in the market conditions and consumer sentiments, and despite the impact of the global recession, the Indian market appears to be improving. Our strategy to be careful, but not to miss out on any growth opportunity has been validated and the results are a clear indication that branded jewellery is increasingly finding acceptance among the Indian jewellery consumers.“ |
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Strategy and outlook |
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The Company is looking to boost its performance both through organic growth and inorganic route like tie-ups and acquisitions, is increasing its retail presence in the Indian market, diversifying into related lifestyle retailing and continues to strengthen it’s overseas presence. However, the domestic market will be the principal area of focus and the company will work towards strengthening its existing retail brands and expanding into new segments.
The Company continues to work towards optimizing production costs to improve profitability and maximize shareholder value. |
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About Gitanjali Gems Limited
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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. |
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