Tribhovandas Bhimji Zaveri Ltd Q3 net profit up 8 percent Rs 21 crore

By

Maverick Martins

Published
Feb 8, 2023

Jewellery major Tribhovandas Bhimji Zaveri Ltd (TBZ Jewellers) witnessed a 8 percent rise in net profit to Rs 21 crore ($2.7 million) for the third quarter ended December 2022, as against net profit of Rs 19 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 6 percent to Rs 813 crore, as against Rs 764 crore reported in the corresponding period of the previous fiscal year.

Commenting on the results, Shrikant Zaveri, chairman managing director of TBZ in a statement said, “The third quarter of FY23 is a continuation of India’s resurgent discretionary consumption story, as experienced in H1 FY23. This solid growth accomplishment was achieved despite wide fluctuations in the gold rate, and hard-hitting competition leading to aggressive price discounting seen within the industry during the festivals and the wedding seasons.”

“Looking into Q4FY23 and beyond, we are focusing on persistent growth while strengthening our margins by registering quality sales. We are doing this by introducing greater operational and financing efficiencies within our business model and driving forward greater brand differentiation through innovation in our designs and promotional sates campaigns. We also look forward to judiciously adding new franchisees in the coming quarters, expanding our retail footprint pan-India further,” he added.

Founded in 1864, Tribhovandas Bhimji Zaveri is a leading jewellery retailer with a reach across India with 32 stores in 25 cities.