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Leibish & Co

Thursday, February 23, 2012

Gitanjali Q3 Sales Up 33 Percent

Mehul Choksi
Mumbai-based Gitanjali Gems said its net sales in the third quarter rose by 33 percent and its net profit grew by 28 percent.

It is one of the largest companies—if not the largest company—in the Indian jewelry industry. It is diamond manufacturer, jewelry manufacturer, jewelry retailer, and a creator and owner of numerous brands in nearly all consumer markets of the Indian jewelry industry. It also owns retail chains, brands and other operations in the U.S., U.K., Belgium, Italy, the Middle East, Thailand, Southeast Asia and Japan. Mehul Choksi is the chairman and managing director of the company.

“The group has performed strongly across its various segments,” Gitanjali said in a statement. “High growth in sales (in India) can be mainly attributed to rapid expansion in Tier 3 and Tier 4 towns via the franchising route. Profits have grown faster than sales on account of economies of scale achieved in operations and a strategic shift towards jewelry retailing."

Gitanjali said its U.S. sales grew 8 percent for the period where it owns the Rogers Jewelers and Samuels Jewelers chains.

“The quarter has been significant for our U.S. business primarily due to profitability stemming from supply chain synergies,” the company said.