Home Retail Gitanjali Gems Q4 net loss narrows to Rs 20.64 cr

Gitanjali Gems Q4 net loss narrows to Rs 20.64 cr

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has reported narrowing of its consolidated net loss to Rs 20.64 crore in the fourth quarter of 2015-16 fiscal on higher sales.

Odisha govt approves Gitanjali Gems' industrial park
In February 2016, Gitanjali gems had proposed setting up a gems and jewellery processing unit during discussions with an Odisha state delegation

According to a PTI report: The company’s net loss stood at Rs 29.01 crore in the same quarter last year.

In a filing to the BSE, Gitanjali Gems said the company’s total income rose to Rs 4,282.73 crore in the January-March quarter from Rs 3,487.37 crore in the year-ago period.

However, the expenses remained higher at Rs 4,121.14 crore as against Rs 3,227.53 crore earlier.

During the full 2015-16 fiscal, the company reported a net profit of Rs 133.24 crore, much higher than Rs 95.49 crore last year.

The company said its 13 subsidiaries have negative networth and it has plans to revive them. The total investment value of these subsidiaries was Rs 199.48 crore as on March 31, 2016.

The company said its board has approved a scheme of amalgamation of wholly owned subsidiary Gitanjali Exports Corporation Ltd with itself, subject to necessary approvals.

The board also approved amalgamation of Asmi Jewellery India Ltd and Spectrum Jewellery with Nakshatra Brands Ltd.

It also gave its consent to merger of Gitanjali Jewellery Retail Ltd and Gitanjali Lifestyle with GILI India, subject to regulatory approvals. The companies are in the process of completing the formalities, it added.

The company has more than 4,000 points of sale in India. It also has stores in the US, China and Japan, along with presence in Europe and West Asia.