The Hindu Business Line : Gitanjali Gems net up 71% in Q4

Gitanjali Gems Ltd posted 71 per cent increase in its net profit for the quarter ended March 31, 2007 on standalone basis. Net profit for fourth quarter increased to Rs 2,219.26 crore from Rs 1,621.24 crore.

The company’s standalone total income for the same period went up by 36.87 per cent to Rs 2,220.69 crore from Rs 1,622.37 crore.

Net sales (standalone) for the fourth quarter increased by similar proportion to Rs 2,219.26 crore from Rs 1,621.24 crore quarter on quarter.

Operating profits of the company for the last quarter went up by 41 per cent to Rs 120.21 crore from Rs 84.90 crore from the corresponding quarter last year.

Gitanjali’s earning per share was Rs 13.88 for the last quarter up 22 per cent from Rs 11.36 during the corresponding quarter last year.

The growth in the core diamond processing business spurred Gitanjali’s realisations, a company release said.

In February 2007, Gitanjali purchased a majority interest in the US-based diamond jewellery company Tri-Star Worldwide LLC. Gitanjali, funded by the company’s $110 million FCCB issue, in December 2006, had acquired 97 per cent stake in Samuels Jewellers Inc, a US based jewellery chain.

Gili, D’Damas & Sangini are jewellery brands promoted by Gitanjali.