TBZ Jeweller Q3 net profit rises 175 percent to Rs 40 crore
Jewellery retailer Tribhovandas Bhimji Zaveri Limited (TBZ) witnessed a 175 percent jump in its net profit for the third quarter ended December 2020 at Rs 40 crore ($5.5 million), as against Rs 15 crore it had reported in the year-ago period.
The company’s revenue for the quarter under review was down by 3 percent to Rs 623 crore, as compared to Rs 645 crore it had reported in the corresponding period last fiscal year.
Commenting on the Q3 results, Shrikant Zaveri, chairman and managing director of the company, in a statement said: “The company displayed an improved year-on-year performance, buoyed by the various festivals and auspicious occasions during the third quarter as well as the revenues generated due to the continuing wedding season. The company’s emphasis on keeping operating expenses and debt cost under strict control resulted in positive operating leverage leading to higher EBITDA and net profit margins.”
“With the Covid situation improving in the country and clear signs of encouraging customer demand trends, the company aims for growth during the rest of this financial year as well as the forthcoming one,” he added.
TBZ is one of India’s leading jewellery retailers, with 31 stores operating in 25 cities across the country.
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