Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) Ltd recorded a five-fold rise in net profit to Rs 11 crore ($1.4 million) for the April-June quarter, as against Rs 2 crore in the year ago period.
The company’s revenue marginally declined by 2 percent to Rs 571 crore, as against Rs 582 crore reported in the corresponding period of the previous fiscal year.
Commenting on the Q1 results, Shrikant Zaveri, chairman of TBZ Ltd in a statement said, “We are pleased to see the beginnings of our journey towards being a margin-driven quality business. Despite the prevailing market challenges, we take great pride in welcoming more than 55 percent customers to our stores during this period, representing a growth of 10 percent in walk-ins compared to the previous quarter, backed by our strategic initiatives to attract, and retain our valued patrons.”
“We are equally delighted with the acquisition of more than 45 percent new customers, which revalidates TBZ Ltd’s appeal to a broader audience pan India and our marketing campaigns during the festival & wedding period,” he added.
The Mumbai-based Tribhovandas Bhimji Zaveri Limited is one of India’s leading jewellery retailers with a strong presence across India with 32 stores in 25 cities.
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