TBZ Jewellers Q3 net profit down 52 percent to Rs 19 crore
Jewellery retailer Tribhovandas Bhimji Zaveri Limited (TBZ) witnessed a 52 percent decline in its consolidated net profit to Rs 19 crore ($2.5 million) for the third quarter ended December 2021, as against Rs 40 crore in the year-ago period.
The company’s revenue for the quarter rose by 22 percent to Rs 763 crore, as against Rs 623 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the Q3 results, Shrikant Zaveri, chairman managing director of TBZ in a statement said, “During the quarter, all our stores were fully operational and consumer sentiments gathered greater momentum, in spite of the overhang of the Omicron virus during the month of December. Our learning curve during the first two waves of the pandemic made us more resilient to see through a third wave and made us better prepared for such uncertainties.”
“We are optimistic about maintaining the ongoing momentum and sustainable long term growth during the coming quarters. We shall continue with our efforts towards customer engagement, increasing visibility, and footfalls leading to a higher revenue generation and increasing market share,” he added.
TBZ is one of India’s leading jewellery retailers, with over 31 stores operating in 25 cities across the country.
Copyright © 2022 FashionNetwork.com All rights reserved.