F

Gitanjali Gems Ltd BUY

I
C.M.P: Target Price:
Rs. 115.00 Rs. 132.00 June 04, 2010

SYNOPSIS
R
1 Year Comparative Graph Gitanjali Gems is one of the largest integrated
diamond and jewellery manufacturers and S
retailers in India.

The company became first to produce the T

world’s smallest heart shaped diamond (0.03
carat) and developing some 25 patented facet
patterns. C
In a move aimed at rationalizing the business
GITANJALI GEMS BSE SENSEX plan, Gitanjali Gems has strategically acquired
the balance 50% stake in the Indian joint
A
venture (JV) company ‘Morellato India’.
Stock Data
Sector The company is gearing towards improving the L
Gems & Jewellery
value of the four major brands and not just by
Face Value (Rs.) 10.00 improving sales but is also looking at
52 wk. High/Low (Rs.) 149.00/86.55 multiplying the value of these brands by 1.5 to 2 L
times by 2011-2012.
Volume (2 wk. Avg.) 285000
The Extension of interest subvention for another
BSE Code 532715 year will boost growth in gems and jewellery
Market Cap (Rs.mn.) 9691.05 sector.

Gitanjali Gems has reported consolidated net

R
Share Holding Pattern profit of Rs 613.43 million for the quarter ended
on Mar.31, 2010 as against 310.20 million in
the same quarter last year, an increase of
E
97.75%.

Net Sales and PAT of the company is expected to S

grow at a CAGR of 16% & 19% over FY09 to
FY12E.
E
Financials
(Rs.mn.) FY10 FY11E FY12E
A
Net Sales 65276.3 71803.9 80420.5
V.S.R. Sastry
Equity Research Desk
R
EBIDTA 4417.11 5055.98 5662.11
vsrsastry@firstcallindiaequity.com
PAT 2015.49 2318.76 2613.13 C
Peer
Dr. V.V.L.N. Group
Sastry Ph.D.
Chief Research Officer EPS (Rs.) 23.75 27.34 30.83
drsastry@firstcallindia.com
Investment Highlights
P/E (x) 4.84 4.21 3.73
H

1
Peer Group Comparison
CMP
Name of the (As on June Market Cap. EPS P/E P/BV
company 04, 2010) (Rs. Mn.) (Rs.) (x) (x) Dividend (%)
Gitanjali Gems Ltd 115.00 9,691.05 23.75 4.84 0.44 20.00

Rajesh Exports 87.95 22,632.80 7.52 11.70 2.04 60.00

Asian Star 1143.00 12,197.20 26.35 43.38 3.50 20.00

Shrenuj and Co 50.45 3,512.20 2.23 22.62 1.77 18.00

Investment Highlights

• Q4 FY10 Results Update

Gitanjali Gems has reported consolidated net profit of Rs 613.43 million for the
quarter ended on Mar.31, 2010 as against 310.20 million in the same quarter last
year, an increase of 97.75%. It has reported net sales of Rs 16,055.42 million for the
quarter ended on Mar.31, 2010 as against Rs 14,674.52 million in the same quarter
last year, a rise of 9.41%. Total income grew by 9.31% to Rs 16,059.21 million from
Rs 14,692.08 million in the same quarter last year. During the quarter, it reported
earnings of Rs 7.28 a share.

Quarterly Results - Consolidated (Rs in mn)

As at Mar - 09 Mar - 10 %Change

Net Sales 14,674.52 16,055.42 9.41

Net Profit 310.20 613.43 97.75

Basic EPS 3.65 7.28 99.61

2
3
• FY10 Performance

The Company has posted a consolidated net profit of Rs 2001.71 million for the
year ended March 31, 2010 as compared to Rs 1505.83 million for the year ended
March 31, 2009. Total Income has increased from Rs 50,911.12 million for the
year ended March 31, 2009 to Rs 65,302.17 million for the year ended March 31,
2010, registering a growth of 28%.

The Board of Directors of the Company has recommended a final dividend of Rs.
2.00/- per share (i.e. 20%) on 84,270,000 equity shares of Rs. 10/- each subject to
the approval of the shareholders.

Segment wise Revenue

Particulars (Rs.mn.) FY09 FY10

Diamond 27340.37 31976.11

Jewellery 27051.34 36333.18

Total 54391.71 68309.29

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• Extension of interest subvention to boost growth in gems and jewellery sector

The overall thrust of the budget is positive and it will provide a boost to domestic
consumption and growth. The revised tax rates will certainly mean greater
disposable income for domestic consumption. Specific to the gems and jewellery
sector, the extension of the interest subvention for another year is welcome. This
will provide an important stimulus to the export sector and boost growth and revival
after the slowdown of last year.

Regarding the hike in customs duty on precious metals, the increase in the duties
on gold and platinum (from Rs 200 per 10 gms to Rs 300) is on par with the rise of
prices of these metals. However the hike in duty rates on Silver from Rs 1000 per kg
to Rs 1,500 per kg is excessive. Also company welcome the reduction from 10% to
2% on the import of rhodium which is a raw material used in manufacturing and
the reduction in the duties on raw gold to Rs 280 per 10 gms.

• Acquires balance 50% stake in Morellato India

In a move aimed at rationalizing the business plan, Gitanjali Gems has strategically
acquired the balance 50% stake in the Indian joint venture (JV) company ‘Morellato
India’. The company continues to hold on exclusive basis, the rights of marketing,
promotion, sale and distribution of products of the erstwhile JV partner under the
brand names e.g. Morellato, Sector (non-Swiss made collection), Roberto Cavalli,
Just Cavalli and Miss Sixty etc.

Gitanjali Gems is one of the largest integrated diamond and jewellery

manufacturers and retailers in India. Its operations include sourcing of rough
diamonds from primary and secondary source suppliers in the international
market, cutting and polishing the rough diamonds for export to its international
markets, and the sale of diamond and other jewellery through its retail operations
in India, as well as in international markets.

• Buys majority stake in Salasar Retail

Gitanjali Gems has acquired 76% stake in Salasar Retail. The acquisition was
routed through wholly-owned subsidiary of the company, Gitanjali Lifestyle. Salasar
Retail is engaged in the business of retailing, selling, trading and distributing all
kinds of cloth, cotton, synthetics, silk yard, readymade garments etc.

5
• Acquires additional stake in Spectrum Jewellery

Gitanjali Gems has acquired additional stake in Spectrum Jewellery. Earlier,

Spectrum Jewellery was a 50:50 joint venture between Gitanjali Gems and Sanghavi
Exports but following this deal, the company has become the majority stakeholder
in the former. Spectrum Jewellery is owner of the ‘Sangini’ trademark, a leading
brand in India. The company is engaged in the business of manufacturing and
dealing of diamonds and diamond studded jewelleries.

• Gitanjali Gems to double value of 4 major brands

Gitanjali Gems and manufacturing companies, conducted brand valuation for four
of its brands viz. Nakshatra, Gili, D'damas and Asmi. The company undertook the
brand valuation exercise during the last quarter. Brand Finance, a renowned UK-
based firm in marketing and brand valuation was commissioned to evaluate four of
these major Gitanjali brands. The total worth of these four brands currently stands
at Rs 1,502 crore, as per the valuation exercise. The company is gearing towards
improving the value of the brand and not just improving sales but is also looking at
multiplying the value of these brands by 1.5 to 2 times by 2011-2012. The study
revealed that the value generation is driven by retail business, major drivers being
heavy advertisements and promotions that contributed substantially to the
increased demand and aspirations for the company’s branded diamond jewellery in
the last 10-15 years.

The company’s objective was to understand what the valuation of these brands
would be; the identification of the demand drivers and this exercise will help the
Gitanjali Group to enhance these values through improvement in the operations on
these brands. Apart from Nakshatra, Gili, D'damas and Asmi, Gitanjali's others
brands like Giantti, Sangini, Maya Gold, Gold Expression, Collection G, Diya and
Gitanjali as a mother brand also remains to be valued. Gitanjali Gems is focused on
maximizing value from its existing brands and looks forward to becoming an iconic
brand in the country.

• Gets ‘Star Trading House’ status

Gitanjali Gems has received ‘Star Trading House’ status from the government of
India. In line with the provisions of Foreign Trade Policy, 2004 - 2009 and on the
basis of its export performance, the company has been recognized as a 'Star Trading
House'' by ministry of commerce & industry. Apart from this, the company has also
been designated as 'Nominated Agency' for the purpose of direct import of gold,
silver and other precious metals in accordance with Foreign Trade Policy, 2009 –
2014.

6
Company Profile

Gitanjali Gems, incorporated in 1986, is one of leading players in jewellery segment.

Founded in 1966, it was the first group company to engage in cutting and polishing of
diamonds in Surat, Gujarat. Today this $900 million multinational group is one of
largest manufacturer, retailers and exporters of diamonds.

In the year 1990 company commissioned Gitanjali Creations -- a 100% export-oriented

unit located at Borivli, Mumbai. The company became first to produce the world’s
smallest heart shaped diamond (0.03 carat) and developing some 25 patented facet
patterns.

Gitanjali Group's has operational presence starting from sourcing of rough diamond,
cutting, polishing and distributing, to jewellery manufacturing, which includes
designing, mould making, wading, casting, sprue grinding, filing, polishing and
setting. The company was first to offer diamond studded jewellery at reasonable
prices.

The company uses latest CAD and CAM processes and equipment for creating designs
for jewellery. The company is bestowed with more than 50 awards from the ministry of
commerce as an acknowledgement of its export performance under diamond and
jewellery. Gitanjali Gems has presence in like namely USA, UK, Belgium, Italy and the
Middle East to Thailand, South East Asia China, and Japan.

Future Strategy

Gitanjali Gems is constructing the Rajiv Gems Park, which is intended to become one
of the largest Gems and Jewellery SEZs in India. This is the first jewellery SEZ in India
that is privately owned and managed by a company. Under this the company has
already completed the construction of diamond cutting and polishing units spread
over on 1 lakh sqft of area. The company is developing jewellery manufacturing facility
spread across on an area of 2 lakh sqft of area.

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Company Business

Businesses

Diamonds- Under this, the company is engaged in every part of diamond processing.
For its diamond export the company has received various awards from international
organization as well as from Government of India.

Jewellery- Company offers a wide range of jewellery under gold, diamond and
platinum segment. Company’s designs include Indian traditional, ethnic, classic,
contemporary and casual.

Retailing- Company is also engaged in retailing its diamonds and jewellery. Currently
the company markets over 40 brands that are owned and franchised under its retail
chain Gitanjali Lifestyle.

Infrastructure- Gitanjali plans to develop seven SEZs to be operationalised in 7-8

years and the company has already bought land in Panvel, outside Mumbai, and has
approvals for five more SEZs.

Company Brands

Currently, it has brands that includes loose diamonds, diamond and other stone-
studded jewellery (natural and synthetic), in gold, silver, steel and combinations, high-
end watches, jewellery-watches, luxury artefacts and accessories. The company
markets its products through store chain namely Bezel, Giantti, World of Solitaire and
Gitanjali Lifestyle.

Under jewellery, the company has a portfolio of brands namely Nakshatra, Lucera,
D’Damas, Calgaro, Sangini, Rivaaz, Desire, Kashvi, Asmi, Maya, Diya, Ezee Diamonds
and Stephan Hafner. Under watches, it retails brands like Philip, Sector, Marvin,
Umbro, Miss Sixty, Roberto Cavalli, Iris, Morelaato and Just Cavalli. Under Home
accessories, the company retails brand -- Greggio Argento. Gitanjali Gems has a
distribution network of 112 distributors and 1250 outlets in India.

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Financial Results

12 months ended Profit & Loss A/C (Consolidated)

Value(Rs. in million) FY09 FY10 FY11E FY12E

Description 12m 12m 12m 12m

Net Sales 50888.76 65276.34 71803.97 80420.45

Other Income 22.36 25.83 29.70 32.67

Total Income 50911.12 65302.17 71833.68 80453.13

Expenditure -48012.19 -60885.06 -66777.70 -74791.02

Operating Profit 2898.93 4417.11 5055.98 5662.11

Interest -978.40 -1724.31 -1982.96 -2220.91

Gross Profit 1920.53 2692.80 3073.03 3441.20

Depreciation -335.96 -445.41 -467.68 -505.09

Profit before Tax 1584.57 2247.39 2605.35 2936.10

Tax -31.78 -231.90 -286.59 -322.97

Profit after Tax 1552.79 2015.49 2318.76 2613.13

Minority Interest -46.96 -13.78 -14.47 -15.19

Net Profit 1505.83 2001.71 2304.29 2597.94

Equity Capital 850.63 842.70 842.70 842.70

Reserves 19624.42 20999.64 23318.40 25931.53

Face Value (Rs) 10.00 10.00 10.00 10.00

Total No. of Shares 85.06 84.27 84.27 84.27

EPS (Rs) 17.70 23.75 27.34 30.83

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Quarterly ended Profit & Loss A/C (Consolidated)

Value(Rs. in million) 30-Sep-09 31-Dec-09 31-Mar-10 30-Jun-10E

Description 3m 3m 3m 3m

Net Sales 17577.34 18121.94 16055.42 16858.19

Other Income 2.69 13.77 3.79 4.17

Total Income 17580.03 18135.71 16059.21 16862.36

Expenditure -16441.82 -17128.54 -14728.54 -15543.25

Operating Profit 1138.21 1007.17 1330.67 1319.11

Interest -433.65 -440.65 -490.46 -514.98

Gross Profit 704.56 566.52 840.21 804.12

Depreciation -75.03 -84.48 -213.41 -94.24

Profit before Tax 629.53 482.04 626.80 709.89

Tax -74.18 -84.55 -20.83 -78.09

Profit after Tax 555.35 397.49 605.97 631.80

Minority Interest -27.96 8.93 7.46 7.61

Net Profit 527.39 406.42 613.43 639.41

Equity Capital 848.49 842.70 842.70 842.70

Face Value (Rs) 10.00 10.00 10.00 10.00

Total No. of Shares 84.85 84.27 84.27 84.27

EPS (Rs) 6.22 4.82 7.28 7.59

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Key Ratios

Particulars 2009(A) 2010(A) 2011(E) 2012(E)

EBITDA Margin (%) 5.70% 6.77% 7.04% 7.08%

PAT Margin (%) 3.05% 3.09% 3.23% 3.25%

P/E (x) 6.50 4.84 4.21 3.73

ROE (%) 7.58% 9.23% 9.60% 9.76%

ROCE (%) 6.26% 8.95% 9.38% 9.55%

EV/EBITDA (x) 3.37 2.19 1.92 1.71

Debt Equity Ratio (x) 1.00 1.03 1.02 1.02

Book value (Rs) 240.70 259.19 286.71 317.72

P/BV (x) 0.48 0.44 0.40 0.36

A-Actual E-Expected

Charts

1. Net Sales & PAT

11
 2. P/E Ratio

3. P/BV

12
 4. EV/EBITDA

5. ROE & ROCE

13
Valuation
• At the market price of Rs.115.00, the stock trades at 4.21x and 3.73x for the
earnings of FY11E and FY12E respectively.

• Price to Book Value of the stock is expected to be at 0.40x and 0.36x respectively
for FY11E and FY12E.

• Earning per share (EPS) of the bank for the earnings of FY11E and FY12E is seen
at Rs.27.34 and Rs.30.83 respectively for equity share of Rs.10.00 each.

• The revenue of the company is expected to grow at a CAGR of 16% over FY09 to
FY12E.

• Gitanjali Gems is constructing the Rajiv Gems Park, which is intended to become
one of the largest Gems and Jewellery SEZs in India.

• In a move aimed at rationalizing the business plan, Gitanjali Gems has

strategically acquired the balance 50% stake in the Indian joint venture (JV)
company ‘Morellato India’.

• The company is gearing towards improving the value of the four major brands and
not just by improving sales but is also looking at multiplying the value of these
brands by 1.5 to 2 times by 2011-2012.

• The Extension of interest subvention for another year will boost growth in gems
and jewellery sector.

• We recommend ‘BUY’ in this particular scrip with a target price of Rs.132.00 for
Medium to Long term investment.

Industry Overview

Gems and jewellery form an integral part of Indian tradition. A legacy passed from one
generation to another. The components of jewellery include not only traditional gold
but also diamond, platinum accompanied by a variety of precious and semi-precious
stones. According to Credit Analysis and Research Limited (CARE), the domestic
jewellery market in India is pegged at US$ 16 billion.

India, the largest consumer and importer of gold in the world, imported around 400
tonnes of gold during 2008-09. Global consultancy firm GFMS Ltd estimated India's
total gold demand at 432 tonnes in 2009.

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Industry Structure

With consumer consciousness increasing, the future of organised retail in India is very
bright. The organised sector of the gems and jewellery industry in India is estimated to
grow at 40 per cent per annum to US$ 2.2 billion by 2010.

The Gem and Jewellery Export Promotion Council's (GJEPC) performance figures for
the financial year 2009-10 showcased the true resilience of the Indian industry over
the last year whence it continued with its consistent plans of building trading relations
and penetrating newer markets.

In its bid to enhance the market strategy, a gems and jewellery special economic zone
(SEZ) sprawling over 40 acres with an investment of US$ 441.1 million is being
planned to be set up by Gold Souk, the jewellery mall developer. The company plans to
have residential apartments named Gold Souk City, apart from having gems and
jewellery manufacturers from Thailand and Dubai who will open their units in India.

Total net imports of gems and jewellery in April 2009- March 2010, touched US$
27.49 billion (provisional figures) posting a growth to the tune of US$ 19.9 million over
corresponding month in the previous year, according to the GJEPC.

Gold

India is one of the largest bullion markets in the world. It has been until now, the
undisputed single-largest Gold bullion consumer. Gold imports in the period of
January-April 2010 were pegged at 126 tonnes, up 74 per cent from 72.3 tonnes in
the previous year.

Gold imports stood at 739 tonnes during the period April 2009-March 2010. According
to Sanjiv Batra, Chairman and Managing Director, MMTC Ltd - the country's top gold
importer, stated that the company is likely to import 200 tonnes of the precious metal
in the current fiscal year.

• India is the largest consumer of gold jewellery in the world, accounting for
about 20 per cent of global gold consumption

• The net imports of gold bars in 2009-10 was estimated at US$ 6.91 billion,
netting the growth rate at US$ 49.62 over the corresponding month in 2008-09
at US$ 4.62 billion

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Diamond

India is the world's largest diamond cutting and polishing centre in the world with 11
out of 12 diamonds sold in the global market being processed in the country. Surat is
India's diamond processing hub, contributing over 80 per cent of the country's
diamond processing industry with annual revenue of around US$ 13.03 billion.

Data from Rapaport—the primary source of diamond price and market information—
indicated that during April 2009 to January 2010, India's polished diamond exports
were up by 11 per cent at US$ 13.8 billion from the corresponding period of the
previous fiscal, while polished diamond imports increased 15.5 per cent to US$ 8.5
billion.

"The direct supply of US$ 490 million of rough diamonds from Russia to India is a
major step forward in the democratisation of the global diamond industry. Consistent
supply will empower India, as the primary diamond production centre and encourage
international completion, as it promotes the development of India's domestic diamond
demand market," said Martin Rapaport, chairman of the Rapaport Group.

Three local diamond manufacturers—Rosy Blue, Diamond India and Ratilal Becharlal
and Sons—inked direct deals worth US$ 490 million with Alrosa—Russia's largest
diamond miner—for the supply of rough diamonds over a three-year period.

• India is the world's largest diamond cutting and polishing centre in the world. It
accounts for 60 per cent value share, 82 per cent by carats and 95 per cent
share of the world market by number of pieces

• It is the third largest consumer of polished diamonds after the US and Japan

Exports

Exports rose to US$ 28.4 billion in FY10 from US$ 24.5 billion in FY09, registering a
16 per cent growth in the total gem and jewellery exports, as per a release by the Gem
and Jewellery Export Promotion Council.

• The provisional figures for export of gold jewellery in April 2010 was US$
401.70 million representing a growth of 20.46 per cent (growth of 7.08 per cent
in term of rupee) as compared to US$ 333.46 million in April 2009

• The export of coloured gemstones stood at US$ 11.51 million reflecting a growth
of 9.2 per cent in April 2010 as compared to US$ 10.54 million in April 2009

16
 • The polished diamond exports stood at US$ 1.7 billion whereas the cut and
polished diamond exports together posted a growth of 89.02 per cent in
January 2010, over the corresponding period in the previous year.

Government Initiatives

In order to open a new avenue for the bullion trader community with improved trading
practices and increased delivery centres, the recent strategic tie-up between Bombay
Bullion Association (BBA) and Indian Commodity Exchange Ltd (ICEX) has opened an
avenue to harness the huge investment potential lying with the small and the
unorganised players. It further offers membership to all the BBA members. It further,
jointly deepens the markets in order to encourage wider participation, by providing
multiple delivery centres across the country by leveraging on MMTC's and BBA's pan-
India network. BBA will be an important stake holder in exchange's efforts in
strengthening the delivery infrastructure and also in launching customised contracts
suited to requirements of Indian markets.

In a move to boost the industry, the government has formulated new rules for faster
clearance of import and export consignments of specific goods including jewellery and
gems. Furthermore, the government has incorporated some other measures like
providing interest subvention of two per cent to labour intensive export sectors and
duty drawback facilities, in order to promote gems and jewellery export.

The Road Ahead

The government has stated that India has become the 10th largest holder of gold in
the world. Ms. Namo Narain Meena, Minister of State for Finance stated that "with the
purchase of 200 metric tonnes of gold by the Reserve Bank of India from the
International Monetary Fund, under the IMF's limited gold sales programme, India's
ranking increased to 10th position in March 2010, with official gold holding of 557.6
metric tonnes."

The country-specific trade centre of India, the India Trade and Exhibition Centre
(ITEC), will start functioning in Sharjah from October 2010. ITEC will be a one-stop-
shop for Indian businessmen and small and medium enterprises (SMEs), which will
assist them to explore potential markets and opportunities in the UAE, Gulf
Cooperation Council (GCC) nations, Middle East and North African region. ITEC will
organise exhibitions every month till June next year with focus on gems and jewellery
being showcased in April 2011. The exhibitors who will showcase their products in
these exhibitions will be organised through the export promotion council.

17
The Gems and Jewellery Export Promotion Council has initiated IIJS Signature to
promote India as the preferred source for jewellery and eventually build brand ‘India'.
Signature was conceptualised to showcase India's ability to produce quality jewellery
that will match the lifestyle trends world over.

GJEPC will be hosting IIJS Mumbai 2010 from August 19 to 23, 2010, considered to
be the largest jewellery show in Asia to highlight India's capabilities to manufacture
jewellery in terms of design, craftsmanship and quality at par with international
centres and also to foster relations with other markets around the world.

________________ ____ _________________________

Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation
for the purchase or sale of any financial instrument or as an official confirmation of any
transaction. The information contained herein is from publicly available data or other
sources believed to be reliable but do not represent that it is accurate or complete and it
should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s
affiliates shall not be in any way responsible for any loss or damage that may arise to any
person from any inadvertent error in the information contained in this report. This document
is provide for assistance only and is not intended to be and must not alone be taken as the
basis for an investment decision.

18
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