Tribhovandas Bhimji Zaveri posts Q2 net profit of Rs 15 crore
Jewellery firm Tribhovandas Bhimji Zaveri Ltd (TBZ) reported a consolidated net profit at Rs 15 crore ($2 million) for the quarter ended September 30, 2020, as against a net profit of Rs 1 crore it reported in the year-ago period.
The company’s revenue for the quarter was down by 30 percent to Rs 276 crore, as against Rs 394 crore it reported in the corresponding period of the last financial year.
Commenting on the results, Shrikant Zaveri, chairman and managing director of TBZ, in a statement said: “Despite the overhang of the pandemic and the lockdown that completely disrupted the first quarter, the company witnessed a very positive response from customers during the second quarter resulting in an encouraging performance that augurs well for the rest of the financial year. With the lifting of the lockdown from June onwards, the company was able to reopen and operate all its stores across various locations.”
“Consumer sentiments have improved during the ongoing festive and wedding season, which shall help deliver a strong performance during the rest of the financial year,” he added.
TBZ is one of India’s leading jewellery retailers with a store count of 39 stores across 27 cities.
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