Gitanjali Gems Q1FY07 net up 137 pc

New Delhi, Aug 1 (UNI) Gitanjali Gems Ltd today reported an increase of 137 per cent in its net profit at Rs 21.10 crore in the first quarter ended June 30, 2006, as against Rs 8.90 crore during the corresponding period last year.

In addition, the company posted 50 per cent increase in its sales, from Rs 498.15 crore in Q1FY07 to Rs 332.34 crore in Q1FY06.

The earnings per share have also recorded a growth of 61 per cent, up from Rs 2.23 in Q106 FY to Rs 3.58 this quarter.

''One of the key contributors to the improved results is the improvement in the jewellery business of the company. We have also launched various new retail initiatives, including a jewellery retail fund and a preferred jewellers programme, which will increase the company's visibility,'' Gitanjali Gems Director G K Nair said.

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