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Gitanjali Gems fiscal Q2 profit falls YOY

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Gitanjali Gems fiscal Q2 profit falls YOY

Gitanjali Gems Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.31 Indian rupees per share, a decline of 53.3% from 2.81 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 125.9 million rupees, a decline of 54.3% from 275.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.5% from 0.9% in the year-earlier period.

Total revenue decreased 17.7% year over year to 24.71 billion rupees from 30.04 billion rupees, and total operating expenses decreased 23.1% from the prior-year period to 22.01 billion rupees from 28.61 billion rupees.

Reported net income fell 51.5% year over year to 183.4 million rupees, or 1.91 rupees per share, from 378.2 million rupees, or 3.85 rupees per share.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.