GTL's Dubai subsidiary solidifies its foothold in precious metals market

GTL's Dubai subsidiary, GTL Gems DMCC, has reported a turnover of Rs 202 crores and a profit of Rs 27 crores. "Leveraging its expertise in trading diamonds and gemstones, alongside capitalizing on the gold mined from its Zambian subsidiary, GTL Gems DMCC continues to solidify its foothold in the lucrative precious metals market," the company said.

The company said it has focused on trading high-quality diamonds and gemstones through meticulous sourcing and stringent quality control measures.

"GTL Gems DMCC's financial success is not merely a result of its top-line growth but also its impressive profit margins. While competitors in the industry struggle to maintain margins of around 4%, GTL Gems DMCC has consistently achieved a robust profit margin of 13.74," the company added.

Earlier, Gujarat Toolroom Limited (GTL), a prominent player in the industrial and mining sectors, announced a sales figure of Rs 131 crores. 

Moreover, the company witnessed a surge in operating profit, reaching Rs 16 crores and a considerable increase in net profit, soaring to Rs 14 crores. 

Also, GTL has reported improvement in tax efficiency, with the tax percentage decreasing from 25 per cent to 8 per cent compared to the previous quarter. 

The company's earnings per share (EPS) saw a significant rise to Rs 2.58. 

Gujarat Toolroom Limited (GTL), which recently forayed into the mining sector, recently announced a substantial enhancement in revenue outlook as it executes an order worth Rs 55 crore. It has acquired 6 hectares of mines in Zambia.