Gitanjali Gems Q3 net up by 39%

Gitanjali Gems has recorded 39  per cent jump in net profit at Rs 41 crore in the third quarter of 2009-10 . The company’s jewellery sales turnover rose by 60 per cent to Rs 1,098 crore in Q3 FY 10. For the nine-month period ended December 2009, the company’s jewellery sales turnover increased by 43 per cent to Rs 2,703 crore as compared to Rs 1,892 crore in the year-ago period as per the company release. Net profit for the period stood at Rs 139 crore as compared to Rs 120 crore in the year ago period, an increase of 16 per cent.  

Mehul Choksi, chairman and managing director, Gitanjali Groups said, “Third- quarter results are inline with our focus on extension in the downstream. Introducing additional and promising jewellery brands and the focus on retail expansion has further helped in gaining market share for the group