TBZ Jewellers Q4 net profit down 61 percent to Rs 3 crore

By

Maverick Martins

Published
May 6, 2022

Jewellery firm Tribhovandas Bhimji Zaveri Ltd witnessed a 61 percent decline in its net profit to Rs 3 crore ($389,952) for the fourth quarter ended March 2022, as against a net profit of Rs 9 crore it reported in the year-ago period.

The company’s revenue during the quarter rose by 17 percent to Rs 433 crore, as compared to Rs.369 crore during the period ended March 31, 2021.

For the financial year 2022, TBZ’s total income stood at Rs1,851 crore while its net profit for the year was Rs 20 crore.

Commenting on the Q4 results, Shrikant Zaveri, chairman and managing director of TBZ in a statement said, “As we reflect on FY22 and the many unprecedented challenges that had to be overcome. we realize that at TBZ, we can find a way to navigate through any given circumstances. To put things in perspective, the first quarter of the financial year was very adversely impacted due to the severity of Covid 2nd wave, resulting in nationwide lockdowns. The economy came to a standstill yet again and this resulted in a substantial overall setback for the business during FY22. Once the lockdown was lifted during the second quarter, there was a gradual revival, which eventually paved the way for a successful third quarter.”

“During the fourth quarter, the revival in demand and consumer sentiments was unfortunately negated to an extent by strong headwinds in tile form of the geopolitical situation. This had a dual adverse impact: a rise in gold prices and overall inflationary pressures, leading to lesser purchasing power & lower disposable income in the hands of consumers. Despite that, the company witnessed growth on account of higher footfalls at the stores and high conversion,” he added.

On the outlook, Zaveri said, “For FY23, our focus will be on increasing market share and revenue growth, and also remain firmly committed towards increasing profitability.”