Retailer of jewellery Tribhovandas Bhimji Zaveri (TBZ) Ltd. reported a five-fold increase in net profit for the April-June quarter, from Rs 2 crore to Rs 11 crore ($1.4 million).
In comparison to the same time in the prior fiscal year, the company’s sales somewhat decreased by 2% to Rs 571 crore from Rs 582 crore.
Shrikant Zaveri, chairman of TBZ Ltd., commented on the Q1 results in a statement, saying, “We are thrilled to see the start of our path towards being a margin-driven quality firm. Despite the current market challenges, we are proud to have welcomed over 55% of customers to our stores during this time, which represents an increase of 10% in walk-ins from the previous quarter and is supported by our strategic initiatives to draw in and keep our valued customers.
The addition of more than 45% new clients, he continued, “revalidates TBZ Ltd’s appeal to a broader audience pan India and our marketing campaigns during the festival & wedding period.”
One of the top jewellers in India, Tribhovandas Bhimji Zaveri Limited, is situated in Mumbai and has 32 outlets spread over 25 cities.
