Gitanjali Gems Q3 net drops 70 per cent to Rs 50 crore

Gitanjali Gems on Friday reported a 70.6 per cent decline in consolidated net profit at Rs 50.46 crore for the third quarter that ended on December 31, 2013.

The company had posted a net profit of Rs 172.18 crore for the corresponding quarter a year ago, it said in a filing to the BSE.

Consolidated total income fell 37 per cent to Rs 2,759.61 crore during the quarter under review, as compared to Rs 4,377.42 crore reported Q3 of fiscal year 2012-13.

Shares in Gitanjali, Gems, on Friday, ended at Rs 65.05 apiece on the BSE, up 2.28 per cent from the previous close.