TBZ Reports 89% Increase in PAT

Mumbai: Tribhovandas Bhimji Zaveri (TBZ) yesterday reported a 89% surge in profit after tax (PAT) at Rs. 6.14 crore in the third quarter ended December 31 as compared to the same period of last year. The jewellery retailer’s PAT stood at Rs. 3.25 crore in the corresponding quarter of previous year. The total income from operations during Q3 of FY17 grew 9.55 percent to Rs. 542.99 crore from Rs. 495.66 crore a year ago, the company said in a release here.

“We had a very encouraging start to the quarter and witnessed robust sales in October. The withdrawal of high denomination banking notes impacted the jewellery sales in November, but the situation gradually normalised in December. Despite the operating challenges, we achieved an overall sales growth during the quarter driven by better festive demand. We continue to maintain a strict control on our operating overheads, which helped us achieve an improved profitability during the quarter,” TBZ Chairman and Managing Director Shrikant Zaveri said.

He said going forward the company is optimistic of gradual re-bound in discretionary demand backed by an extended wedding season. “We will continue with our efforts to expand our retail presence in an asset-light manner,” he added. The company has 31 stores spread across 24 cities in 11 states.