Overall Profit with Mixed Results for Gitanjali

Gitanjali Gems Limited first fiscal quarter net sales grew to R. 13.5 billion ($279.90 million). For the quarter, net sales grew by 9.9 percent in year-over-year. Net profit was reported to be R. 454.5 Million ($9.4 million) an 8 percent year-over-year increase.

By segments, the diamond arm of Gitanjali saw profits fall from R. 7.65 billion ($ 158.3 million) to R. 7.24 billion ($149.8 million), a six percent drop. Income from jewelry earned Gitanjali R. 6.63 billion ($137.3 million), a rise of R. 1.81 billion ($37.5 million).

In 2006 Gitanjali purchased U.S. retailer Samuels Jewelers, followed by Rogers Jewelers a year later, It recently bought a chain of mobile phone accessory stores in India which were added to the intake calculations.

Gitanjali, a Mumbai headquartered Diamond Trading Company (DTC) Sightholder, has a number of jewelry brands, including Nakshatra, Gili, Asmi, Sangini, D’Damas and Giantti.