Gitanjali Gems Q1 net up at Rs 148.98 cr

Gitanjali Gems has posted nearly 21 per cent growth in

net profit at Rs 148.98 crores for the first quarter ended June 30, 2012. The jewellery maker had posted a net profit of Rs 123.23 crores in the corresponding period last year. The company’s net sales also grew by 31 per cent at Rs 3,384.73 crores in the reported quarter compared to Rs 2,576.25 crores in the year—ago period.

Established in 1966, Rs 12,000 crores Gitanjali Group’s activities span cross the entire value chain from being a DTC sight holder and processing rough diamonds to manufacturing, branding, retailing and distributing gold and diamond jewellery. Today, the Group owns and distributes four out of the top five jewelry brands in India including Gili, Nakshatra, Asmi and D'Damas and boasts of a 4,000 plus point of sale distribution network.

Gitanjali is also a recognized name in the Global branded jewelry business, with a presence in the important jewelry markets of the world. It owns a large retail chain in the US, Samuels Jewellers Inc, the fifth largest fine jewelry retailer and has recently acquired a number of premium Italian brands such as Stefan Hafner, Valente, IOSI, Porrati and Nouvelle Bague. It has a rapidly growing presence in the Middle East as well as in other new markets.