Gitanjali Gems today posted a nearly 21 per cent growth in net profit at Rs 148.98 crore for the first quarter ended June 30. The jewellery maker had posted a net profit of Rs 123.23 crore in the corresponding period last year. The company's net sales also grew by 31 per cent at Rs 3,384.73 crore in the reported quarter compared to Rs 2,576.25 crore in the year-ago period. "We are well-poised to capture opportunities stemming from the increasing appetite for branded jewellery in India. Our penetration into smaller towns and cities is in step with our strategic focus," company's Chairman and Managing Director Mehul Choksi said. Gitanjali will simultaneously look to capitalise on opportunities in other markets that have been exhibiting a growing preference for branded jewellery,he added.
