TBZ Q1FY14 net up 27.67% to Rs 2,077.06 lakhs
Total Income up 88.81% to Rs. 53,526.63 lakhs in Q1FY14
Mumbai, August 8, 2013: Tribhovandas Bhimji Zaveri Limited (“TBZ” or “TBZ – The Original”), India’s well-known and trusted jewellery retailer with a rich legacy of around 150 years, posted 27.67% percent growth in its net profit for the first quarter ended June 30, 2013, amounting to Rs. 2,077.06 lakhs compared to Rs. 1,626.86 lakhs posted in the same period of the last financial year. Despite slowing macroeconomic environment and increase in import duties for gold, TBZ’s total Income (standalone) rose by 88.81% to Rs. 53,526.63 lakhs during the challenging Q1FY14 compared to Rs. 28,349.98 lakhs posted in the first quarter ended June 30, 2012.
The EBITDA for first quarter of the current fiscal stood at Rs. 4,018.11 lakhs compared to Rs. 2,868.38 lakhs for the first quarter of FY13. The EBITDA margin for Q1 FY 2014 was 7.51% of total income even though the industry faced several challenges in the first quarter. TBZ’s Net Profit stood at Rs. 2,077.06 lakhs for the quarter. The Earning Per Share (not annualized) was Rs. 3.12 (Basic) and Rs. 3.11 (Diluted) as compared to Rs. 2.44 (not annualized) for Q1 FY13.
Commenting on the financial performance of the Company in the reporting quarter, Mr. Shrikant Zaveri, Chairman and Managing Director,Tribhovandas Bhimji Zaveri Ltd., said, “Despite subdued economic conditions in India as well as rising import costs, TBZ has performed well in the first quarter of the current fiscal on account of a fall in gold prices in April, a good wedding season during the first quarter and astute marketing initiatives therein. The Company continues to stimulate consumer demand through innovative strategies to counter the general economic slowdown as well as the impact of recent regulatory measures introduced in the financing of gold imports.”
The Company organized a first-of-their-kind summer camps on “Jewellery Education for Women” in all its 26 stores across India. During the quarter, TBZ Ltd. added a new store to its network extending the 26th TBZ-The Original exclusive showroom at Gandhidham connecting to jewellery buyers from Saurashtra to Kutch region in Gujarat state.
About Tribhovandas Bhimji Zaveri Limited (www.tbztheoriginal.com)
TBZ Ltd. (BSE: 534369 | NSE: TBZ) has a 150-year old track-record of trust, quality and purity of its products, TBZ has won several prestigious awards including the Readers Digest Trusted Brand Asia in the category of Jewellery Shop in 2006, 2007 and 2008. TBZ has received other awards for both products and customer service, including the DTC Best Showroom award in 2004 and 2006, the DTC Best Diamond Moments award in 2005 for customer interactions, the DTC Best Showroom and Sales Person award in 2006 and 2007, the Jaipur Jewellery Show Gold Souk Awards 2007, which honoured TBZ’s contribution to the gem and jewellery industry in India, and the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007 – Council for Fair Business Practices Award. Another prestigious win for TBZ-The Original came when it bagged 2 awards under the marketing excellence category along with being awarded as the 'Best Branded Traditional Jewellery of the Year 2012' Award from the Bombay Bullion Association at the 9th India International Gold Convention held on in Hyderabad. TBZ-The Original has 26 stores in 20 cities across 7 States including Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Kerala, Andhra Pradesh and West Bengal.