TBZ Ltd's Q2 revenue jumps 14 percent to Rs 394 crore
today Nov 7, 2019
Tribhovandas Bhimji Zaveri Ltd (TBZ) witnessed a 14 percent rise in its sales revenue to Rs 394 crore ($55.5 million) for the quarter ended September 30, 2019, as against Rs 346 crore it had reported in the year-ago period.
The company’s net profit for the quarter dropped 5 percent to Rs 0.52 crore as against Rs 0.55 crore it had posted for the period ended September 30, 2018.
TBZ posted strong sales despite the slowdown and weak demand for gold during the quarter and is confident of delivering strong performance in the next quarter due to the festive season sales.
Commenting on the results, Shrikant Zaveri chairman and managing director at TBZ in a statement said, "We displayed robust sales in the second quarter, performed relatively better despite the rise in gold prices. Consumer sentiments gradually improved during the quarter in the festive season which should help us to deliver strong performance for the upcoming wedding season.”
“Our operational profitability and cash flow improved in line with the revenues. We expect to drive an improved performance going forward,” Zaveri added.
TBZ ended the quarter with a store count of 39 stores across 27 cities.
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