BlueStone Posts Q1 Profit As Sales Jump, Overcomes Higher Gold Duty

New Delhi: BlueStone Jewellery and Lifestyle Ltd has reported a consolidated net profit of Rs 5.96 crore for the first quarter, helped by higher sales.

The Bengaluru-based jeweller had posted a net loss of Rs 34.74 crore in the same quarter a year earlier.

Total income rose 49 per cent to Rs 751.81 crore for the April-June quarter from Rs 504.74 crore a year earlier, while total expenses rose to Rs 744.82 crore from Rs 538.45 crore,the company said in a regulatory filing on Monday.

“This performance is particularly satisfying as it came despite the rise in custom 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.

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