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Gitanjali Gems has reported that its consolidated net profit more than doubled to Rs 101 crore (Rs 41 crore) in the December quarter due demand for branded jewellery and recovery in the export markets. Net sales rose 46 per cent to Rs 2,654 crore (Rs 1,812 crore).
Mr Mehul Choksi, Chairman and Managing Director, Gitanjali Gems, said with the recent retail expansion we were able to reach directly to consumers and strengthen the company's brand portfolio.
The company has proposed to double its existing domestic diamond jewellery production capacity of 50,000 pieces a month in the six months. It will also expand capacity of gold jewellery production in Kolkata and Coimbatore.
The company's shares were down four per cent at Rs 236 on Tuesday.
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