Tribhovandas Bhimji Zaveri Q4 net profit jumps 239 percent to Rs 4 crore
Tribhovandas Bhimji Zaveri (TBZ) jewellers reported a 239 percent rise in its net profit to Rs 4 crore ($5,28,789) in the quarter ended March 2020, as against Rs 1 crore it reported in the corresponding period last year.
The company’s sales declined 18 percent to Rs 342 crore in the quarter ended March 2020, as against Rs 415 crore in the year-ago period.
For the financial year 2019-20, the company’s net profit rose 43 percent to Rs 22 crore, as against last year’s Rs 15 crore, while its sales grew 3 percent to Rs 1,810 crore as against Rs 1,764 crore it reported last year.
Commenting on the results, Shrikant Zaveri chairman & managing director of TBZ, in a statement said: “Apart from the negative impact of Covid-19 especially in March 2020, the company's performance has been encouraging and shows that the various initiatives taken by us in increasing our customer base and revenue generation have been successful. However, difficult macroeconomic environment and weak consumer sentiments coupled with high gold prices and the rapid spread of Covid-19 and lockdown did impact the demand for jewellery adversely in quarter four, particularly since mid-February.
“The effect of Covid-19 and the subsequent lockdown has been severe in Q1 of FY 20-21 as the stores remained closed. The impact of Covid-19 is expected to linger and we expect revenues to pick up gradually over the next 3 to 4 months,” he added.
TBZ is one of India’s leading jewellers and has around 30 exclusive stores spread across the country.
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