Gitanjali Gems FY'11 net up 77% at Rs 354.8 cr

Leading branded jewellery company Gitanjali Gems today reported 77.4% growth in net profit at Rs 354.8 crore for the year ended March 31, 2011.

Net profit for 2009-10 stood at Rs 200 crore, it said in a release here.

Gitanjali's net sales witnessed 45% growth at Rs 9,456 crore compared to Rs 6,527 crore in the corresponding fiscal.

"In full year 2011, the Group has achieved outstanding results in sales, and, even more in profitability. Further the continued focus towards jewellery business as well as expansion in India will drive the future growth and earnings," Gitanjali Gems CMD Mehul Choksi said.

The firm has developed about 20 retail formats to expand its brands - Nakshatra, Asmi, Gili, D'Damas and Sangini- through exclusive and multi brand outlets.

In FY'11, it added nearly 3,00,000 sq feet of retail, primarily through company-owned stores and franchising route classified under exclusive brand outlets and multi-brand outlets.

Gitanjali Group has reached to over 3,300 points of sale with about 300 additions in FY'11.

The company acquired a bouquet of Italian brands like Stefan Hafner, Nouvelle Bague, IOSI and Porrati to enter markets in Europe, West Asia, Japan and Russia, and to put the Indian jewellery firm at par with luxury brands of the world.