Gitanjali Gems Limited, one of India’s leading integrated diamond and jewellery manufacturing and retailing companies announced its results for the first quarter-ended 30.6.2008. Gitanjali Gems Ltd continues its growth in this quarter and its expansion and diversification plans continue to remain on track.

On a consolidated basis, the company registered a quarterly net profit of Rs. 41.77 crores for the first quarter ended 30/6/2008, a growth of 15% over the corresponding period of the last fiscal year 2007-2008. Total income for the first quarter amounted to Rs. 1219.23 crores a growth of 27% over the corresponding period of the last fiscal year. 2007-2008.

Commenting on the performance for Q1 & 3M FY2008, Mr. Mehul C. Choksi, Chairman, Gitanjali Gems Limited, said: “We are pleased to inform that the Company has continued to deliver strong overall performance with our jewellery retail operations having delivered notable growth. Gitanjali’s presence right across the value chain has enabled us to improve our top-line along with profitability and we are aiming to sustain this momentum going forward.

Given the multiple growth initiatives, and a model that is shaping up to be both highly competitive and profitable, we remain very enthusiastic about our outlook for the coming years.”

The acquisitions made last financial year shall show results in the current financial year

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