Jeweller TBZ reports Q1 profit of Rs 3 crore
Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) witnessed a 136 percent surge in its profit after tax to Rs 3 crore ($4,21,425) for the first quarter ended June 2019.
The company’s total income for the April-June period grew by 5 percent to Rs 430 crore, while its earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 85 percent to Rs 26 crore.
Commenting on the results, chairman and managing director of TBZ Shrikant Zaveri in a statement said: “We displayed sustained sales growth in the first quarter. Sales growth was complemented by improved gross margins leading to higher gross profit. Our operational profitability and cash flow improved in line with the revenues whilst we maintained strict control on operating costs.”
“Consumer sentiments were encouraging during the quarter due to two major festivals. We expect to grow market share going forward and with an early onset of the festive season,” he added.
TBZ has been rapidly expanding its presence across the country and currently has 41 stores operating in 29 cities.
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