Tribhovandas Bhimji Zaveri (TBZ) Ltd witnessed a 65 percent rise in net profit to Rs 9 crore ($1.1 million) for the second quarter ended September 30, as against Rs 5 crore in the year-ago period.
The company’s revenue for the quarter was down by 11 percent to Rs 481 crore, as against Rs 537 crore posted in the corresponding period of the previous fiscal year.
“The company’s gross profit has shown 8.74% year-on-year (YoY) and 19.88% YoY growth in Q2FY24 and H1 FY24 respectively, aided by strategic initiatives and cost optimization measures during the year.We witnessed a strengthening of its EBITDA by 30.43% YoY to Rs 296.60 million in Q2FY24, reflecting a healthier balance between revenue generation and cost management,” TBZ said in its earnings report.
“TBZ Ltd is on track to deliver steadily improving financial performance, with consistent revenue growth and profitability. The solid balance sheet, lowering debt levels, and strong cash position sets the company up for continued growth and expansion in India’s exciting growth story,” it added.
TBZ Ltd is one of India’s leading jewellers with 33 stores spread across 25 cities in 12 states. It also sells through its e-commerce website.
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