Gitanjali Gems Q1 profit up 21% at Rs 69 cr on robust sales

Gitanjali Gems posted a 21.2 per cent jump in consolidated net profit at Rs 69.46 crore in the first quarter ended June on robust sales.

Net profit stood at Rs 57.31 crore in the year-ago period, the company said in a BSE filing.

Total income increased by 51.22 per cent to Rs 5,611.06 crore in the April-June quarter of 2017-18 fiscal from Rs 3,710.43 crore in the same period last year.

Revenue from the diamond business increased significantly to Rs 1,662.96 crore from Rs 834.82 crore, while that of jewellery segment rose to Rs 4,258.12 crore from Rs 2,949.50 crore in the said period.

Expenses remained slightly lower at Rs 5,438.34 crore in the quarter under review as against Rs 5,461.73 crore in the year-ago period.

The company said it has received approval from BSE for allotment of 2.08 crore convertible warrants on preferential basis to promoter group companies and two persons other than promoters. The approval from the NSE for the same is awaited.

The warrants will be issued at Rs 45.97 including premium of Rs 35.97 per share.