EconomyResults
IGI shares hit 10% upper circuit after diamond grader's profit jumps 43%
International Gemological Institute earned ₹185.8 crore in the September quarter on revenue up 31%, and pointed to India's festive season and US holiday orders as demand gathers pace.
Key points
- IGI's consolidated profit rose 43% to ₹185.8 crore in the September quarter.
- Revenue from operations grew 31% to ₹398 crore.
- The shares were locked at the 10% upper circuit of ₹353.20 on Thursday.
Shares of International Gemological Institute, which grades and certifies diamonds and jewellery, rose by the 10% daily limit on Thursday after the company reported a 43% jump in quarterly profit.
Consolidated profit for the July-September quarter rose to ₹185.8 crore from ₹129.8 crore a year earlier. Revenue from operations climbed 31% to ₹398 crore from ₹303.7 crore.
The company put the performance down to healthy demand and strong execution. Managing director and chief executive Tehmasp Printer said India’s festive season and the holiday ordering cycle in the United States were gaining momentum, a signal that the December quarter, usually the busiest for jewellery, could be strong as well.
The stock was locked at the upper circuit of ₹353.20, about 9% below its 52-week high of ₹388 reached in May. It had fallen 2.5% over the past six months before Thursday’s move.
IGI was among a handful of stocks that rose sharply on results on a weak morning for the wider market. The jeweller PC Jeweller gained about 9% early after a 58% rise in quarterly profit, and Indian Hotels rose more than 3% on its numbers from Wednesday.
Dozens more companies, among them Hindustan Petroleum, Havells India, Swiggy and Colgate-Palmolive (India), are due to report later on Thursday.