Gitanjali Gems Ltd, the leading branded jewellery company in India has reported a 77.4 per cent increase in net profit at Rs. 354.8 crore for the year ended 31st March, 2011, as compared to Rs. 200 crore posted in the last fiscal year.
Commenting on the company’s performance, Mehul Choksi, CMD, Gitanjali Gems Ltd, said, “In full year 2011, the group has achieved outstanding results in sales, and, even more in profitability. Further the continued focus towards jewellery business as well as expansion in India will drive the future growth and earnings.” The company’s net sales of Rs. 9,456 crore for the year ended 31st March, 2011, as compared to Rs. 6,527 crore in corresponding fiscal year, registering a growth of 44.9 per cent.
The company has developed about 20 different retail formats to expand its brands – Nakshatra, Asmi, Gili, D’Damas and Sangini – in the form of EBOs and MBOs.
In FY’ 11, the company added nearly 3,00,000 sq.ft of retail space, primarily through company-owned stores and franchising route. Gitanjali group has reached to over 3,300 points-of-sale with about 300 additions in FY’11.