BlueStone swings to ₹5.96 crore profit despite gold duty hike

BlueStone Jewellery and Lifestyle Ltd swung to a consolidated net profit of ₹5.96 crore in the April-June quarter. The Bengaluru-based jeweller had posted a net loss of ₹34.74 crore in the same period a year earlier.

Total income rose 49% to ₹751.81 crore. Expenses climbed to ₹744.82 crore from ₹538.45 crore, the company said in a regulatory filing Monday.

Chief Executive Gaurav Singh Kushwaha attributed the swing to higher sales. He called the result "particularly satisfying" given the customs duty on gold jumped to 15% from 6%.

BlueStone expanded its store network to 352 outlets across 139 cities. The five newest locations are all in smaller Tier-2 and Tier-3 markets, Kushwaha said.