PAN norms, strike to impact only 1-2% of revenues: Gitanjali

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The introduction of stricter PAN card requirements for purchase of jewellery as well as the ongoing jewellers strike is unlikely to impact Gitanjali Gems   in a major way, says Sanjeev Agarwal, CEO of Gitanjali Export Corp. “Unlike many other listed companies, Gitanjali Group is fully diversified across geographies, product categories and lines,” he said. “While jewellery accounts for 70 percent of our turnover, diamonds account for the remaining 30 percent, which is not impacted,” he said. “Within jewellery, 60 percent of sales are from the international market. For the domestic market also, a majority of our sales are through department stores or ecommerce companies,” he added. “So the impact will be very less.” He added Gitanjali brands such as Gili, Nakshatra and Asmi are in the daily consumption and fashion space rather than wedding wear. “Hence, the price point of sales is much lower than the typical jeweller. Hence, the PAN card norm will also not affect us much.” Watch video for the full interview. Gitanjali Gems stock price On March 29, 2016, Gitanjali Gems closed at Rs 32.10, down Rs 0.5, or 1.53 percent. The 52-week high of the share was Rs 48.70 and the 52-week low was Rs 29.95. The company’s trailing 12-month (TTM) EPS was at Rs 1.82 per share as per the quarter ended December 2015. The stock’s price-to-earnings (P/E) ratio was 17.64. The latest book value of the company is Rs 280.75 per share. At current value, the price-to-book value of the company is 0.11.