Gitanjali Gems reported that its net profit was up 21 per cent at Rs 149 crore in the June quarter. Its sales rose 31 per cent to Rs 3,385 crore.EB IT (earnings before interest and tax) during the quarter was up 61 per cent at Rs 349 crore. Jewellery sales grew by 36 per cent to Rs 1,826 crore while diamond jewellery sales rose 29 per cent to Rs 1,668 crore. EB IT from jewellery business was up 44 per cent at Rs 2,171 crore and diamond jewellery contribution rose by 71 per cent to Rs 133 crore.
Mehul Choksi, chairman and managing director, said the company’s strategy to venture into smaller towns and cities and focus on a judicious mix of diamond and gold jewellery has started yielding desired results. The Group’s presence in the international markets coupled with a strong dollar also helped achieve the growth during the quarter.