Gitanjali Gems Ltd. posted fourth-quarter stand-alone net profit of Rs.45.25 crore, down by 32 percent from the Rs.66.30 crore for the quarter ended March 31, 2011. Total income increased by 46 percent to Rs.2,206.48 crore from Rs.1,507.58 crore in the year-ago quarter.
On a consolidated basis, its net profit for the fourth-quarter rose by eight percent to Rs.102.91 crore from the Rs.95.51 crore in the corresponding quarter of the preceding year. Total income grew by 45 percent to Rs.3,560.58 crore from the Rs.2,451.81 crore in Q4FY11.
The company's board recommended a dividend of Rs.3.00 per equity share of Rs.10 each for the fiscal year 2012.
The company's board approved the re-appointment of Mehul C. Choksi, as Managing Director for a fresh period of five years effective August 01.
The company also appointed Sunil Varma, who was Chief Financial Officer, as has been appointed as Whole Time Director with immediate effect.
Further the company has appointed Kapil Khandelwal, as Chief Financial Officer in place of Sunil Varma with immediate effect.
At the BSE, Gitanjali Gems shares are currently trading at Rs.314.80, up 1.71 percent from the previous close.
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by RTT Staff Writer
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