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

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% 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 custom duty on gold from 6% to 15%," 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.