Tribhovandas Bhimji Zaveri Ltd. (TBZ Ltd.), a 160-year-old Indian jewellery retailer, has reported a 36.16% year-over-year (YoY) increase in profit after tax (PAT) in the fiscal year (FY) 2024, growing from INR 39.67 crore in FY23 to INR 54.02 crore.
The company saw a significant 38.14% year-over-year (YoY) rise in profit before tax (PBT), climbing from INR 51.53 crore in FY23 to INR 71.18 crore in FY24.
Srikant Zaveri, chairman of TBZ, remarked, “Despite challenges such as elevated gold prices and election-related slowdowns this quarter, our strategic efforts have enabled us to stay on track. We’ve prioritized streamlining our supply chain and enriching customer interaction via tailored marketing endeavors.”
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Future Outlook and Expansion Plans
“Moving forward, we’re becoming more streamlined and efficient, thus fostering greater optimism for FY25. Our primary objectives include domestic expansion while upholding our dedication to distinctiveness, quality, and excellence,” he added.
TBZ’s earnings before interest, taxes, depreciation, and amortization (EBITDA) surged from INR 114.97 crore in FY23 to INR 138.17 crore in FY24, marking a 20.18% year-over-year increase.
The company’s profit before tax (PBT) margin saw a 94 basis points improvement, rising from 2.15% in FY23 to 3.10% in FY24, while the profit after tax (PAT) margin increased by 69 basis points, from 1.66% in FY23 to 2.35% in FY24.
Mukesh Sharma, chief finance officer of TBZ, commented, “Our enhanced profitability margins reflect our diligent cost control strategies and operational efficiencies. These endeavors have not only bolstered our financial performance but also empowered us to swiftly adapt to market dynamics.”
The company recently announced the continuation of Sara Ali Khan as its brand ambassador for the next two years. Additionally, its digital and social media initiatives achieved a total reach of 1.35 million, 900k impressions, and 27k engagements.
Established in 1864 as a modest one-store family venture, TBZ launched its flagship store in Mumbai. Now led by its fifth-generation successors, the company oversees operations across 33 stores spanning 25 cities.
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