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Gitanjali Gems fiscal Q3 profit climbs YOY

Gitanjali Gems Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 6.12 Indian rupees per share, an increase from 2.98 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 592.0 million rupees, an increase from 294.9 million rupees in the year-earlier period.

The normalized profit margin rose to 1.7% from 1.1% in the year-earlier period.

Total revenue increased 25.0% year over year to 34.50 billion rupees from 27.60 billion rupees, and total operating expenses rose 29.9% from the prior-year period to 32.39 billion rupees from 24.92 billion rupees.

Reported net income grew 90.3% from the prior-year period to 960.2 million rupees, or 9.93 rupees per share, from 504.6 million rupees, or 5.10 rupees per share.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.