Gitanjali Group today reported 15 per cent growth in net
profit to Rs 151.65 crore for the second quarter ended September 30, driven by
stable gold prices. The Profit After Tax (PAT) in second quarter of FY12 stood
at Rs 132.24 crore. The net sales rose 32 per cent during the period under review
to Rs 3,928.25 crore from Rs 2,972.11 crore in the year-ago, Gitanjali Group
said in a release.
"Stable gold prices in the country have driven volumes
during the quarter. With the upcoming Diwali and marriage seasons, we are
expecting better sales," Gitanjali Gems Chairman and Managing Director
Mehul Choksi said. The company has been working on re-aligning its business to
unlock value for stakeholders, he added.
The company unveiled its new brands and collections -- Envi,
Moira, True Platinum and Karina -- at the recently held India International
Jewellery Show (IIJS). Gitanjali Group's recent expansions in Japan and West
Asia have also given incremental sales to the company, the release said.
With a view to establish itself further in the e-commerce space,
Gitanjali, during July-September quarter, entered into tie-ups with some of the
largest online retailers in the country. The company plans to extend its
presence to 600 cities and towns from the current 300, especially in tier II
and III cities that are witnessing a rapid growth in demand for gems and
jewellery, Choksi aid.
The company will also focus on franchise mode that gives
geographic flexibility in terms of reaching out to tier III and IV towns, he
added
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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