TBZ jewellers net profit up 51 percent to Rs 7 crore

By

Maverick Martins

Published
Feb 7, 2019

Tribhovandas Bhimji Zaveri Ltd. witnessed a 51 percent surge in its net profit to Rs 7 crore ($1 million) for the third quarter ended December 2018 as against Rs 11 crore it had posted in the corresponding quarter previous fiscal.
 

The company’s net sales also rose 8 percent to Rs 592 crore as compared to Rs 548 crore it had posted in December 2017.
 
TBZ attributed the surge in profit and revenue to strong sales in the festive season coupled with the reduction of its operational costs.

Commenting on the results, Shrikant Zaveri chairman and managing director of the company said: "We displayed sustained sales growth in the third quarter. Sales growth was complemented by healthy gold and diamond mix leading to improved gross margins. Consumer sentiments were encouraging during the quarter on the back of festivals and onset of wedding season. Increased sales along with stringent operating costs helped us to expand our operating margins.”
 
Talking about the expansion plan, Zaveri added, “We have a healthy pipeline of upcoming stores, mix of both own stores and franchise stores, which we plan to open in the coming financial year in line with our store expansion plan.”
 
TBZ jewellers added two new stores in Pune and Punjab during the third quarter.