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Healthy Q2 results for Gitanjali Gems

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Gitanjali Gems, country’s pioneer in branded jewellery, has announced its financial results for the quarter ended September 30, 2008. The Mumbai-based company has logged a net profit of Rs 3519.92 lakh, an increase of Rs 834.52 lakh from its previous year’s corresponding figure of Rs 2685.40 lakh, according to a company filing on Bombay Stock Exchange.

Net sales in the quarter also zoomed to Rs 72,826.71 lakh from the corresponding Rs 59,827.60 lakh.

With brands including D’Damas, Asmi, Sangini, Nakshatra and Gili, the company has also increased its stake in Gitanjali Exports Corporation Ltd (GECL), a material non listed subsidiary company, from 51 per cent to 100 per cent and thereby made it a wholly owned subsidiary company. GECL is primarily engaged in the manufacturing and exports of diamonds and diamond studded jewellery and trades in diamonds.

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