BlueStone posts ₹6-crore profit in Q1 on higher sales, overcomes higher gold duty
AI Summary
BlueStone Jewellery and Lifestyle Ltd reported a consolidated net profit of ₹5.96 crore for Q1, a significant turnaround from a net loss of ₹34.74 crore in the same quarter last year. Total income surged by 49% to ₹751.81 crore, despite rising customs duties on gold, and the company expanded its distribution network to 352 stores across 139 cities.
New Delhi, July 21 BlueStone Jewellery and Lifestyle Ltd has reported a consolidated net profit of ₹5.96 crore for the first quarter, helped by higher sales.
The Bengaluru-based jeweller had posted a net loss of ₹34.74 crore in the same quarter a year earlier.
Total income rose 49 per cent to ₹751.81 crore for the April-June quarter from ₹504.74 crore a year earlier, while total expenses rose to ₹744.82 crore from ₹538.45 crore, the company said in a regulatory filing on Monday.
"This performance is particularly satisfying as it came despite the rise in customs duty on gold from 6 per cent to 15 per cent," Chief Executive Gaurav Singh Kushwaha said.
The company expanded its distribution network to 352 stores across 139 cities, with all five newly added cities located in smaller Tier-2 and Tier-3 regions, Kushwaha said.
BlueStone, launched in 2011, is a jewellery brand offering diamond, gold, platinum and studded jewellery.
Original Article
Published on Hindu BusinessLine