We had recommended Gitanjali Gems in Volume no. 33, Issue no. 47 (dated September 11, 2017) when the scrip was trading at Rs 74.50. Our recommendation was backed by rising demand for jewellery and the company's expected good prospects. The company’s revenue in H1FY18 grew 45.3 per cent YoY to Rs 6605.11 crore. Although operating profit declined marginally, its PAT grew 1.6 per cent YoY to Rs 50.93 crore in H1FY18. In Q2FY18, the company’s PAT jumped 40 per cent YoY to Rs 34.32 crore. Due to festive season, we expect Q3FY18 would report good rev- enue and growth. We expect H2FY18 performance would be better than H1FY18 performance. Thus, we urge our investors to HOLD the scrip at the current level.