Mumbai: According to the financial results for the quarter ended June 30^th 2015 (Q1 FY16) announced on August 5^th 2015, Tribhovandas Bhimji Zaveri (TBZ) reported revenue of Rs. 415.9 crores, lower by over 10% against Rs. 463 crores for the quarter ended March 31^st 2015 (Q4 2014). The revenue for the quarter also declined on a year-on-year basis (over Q1 2014) by about 3.8%.

Operating profit for Q1 2015 was reported at Rs. 16.6 crores, declining substantially by 33.5% over the previous quarter, and also lower as compared to operating profit of Q1 2014 by 3.8%. Operating margins too declined for the quarter as a result of sales de-growth, and higher expenses. Margins stood at 3.99% for Q1 2015 vs 5.39% for Q4 2014. However, operating margins were constant as compared to those for Q1 2014 (3.99%).

The profit after tax (PAT) of TBZ stood at Rs. 2.7 crores representing a steep decline of 85% against a PAT of Rs. 18.5 crores. However, the recently reported PAT increased approximately four-fold over the PAT of Q1 2014, which stood at Rs. 0.5 crores. The PAT margins for Q1 2015 stood at 0.65%, against 3.99% in Q4 2014 and 0.12% in Q2 2014.

Mr. Shrikant Zaveri, Chairman and Managing Director of the company stated that “The first quarter witnessed pickup in sales while focusing on improving operating margins. The footfalls at TBZ stores continued to be robust backed by gradual improvement in discretionary demand seen by an increase in diamond jewellery sales and wedding season which lasted till June. We continued our focus on offering novel gold and diamond jewellery designs and collections to attract customer footfalls at our stores. We are positive on our future business outlook and we will continue to expand our brand presence across India.”