Latest News | TBZ Q2 Profit at Rs 7 Crore

Mumbai, Nov 11 (PTI) Jewellery retail chain Tribhovandas Bhimji Zaveri (TBZ) on Thursday reported 49.38 per cent decline in consolidated profit at Rs 7.35 crore for September quarter 2021-22.

The company's profit in the year-ago period stood at Rs 14.52 crore, TBZ said in a BSE filing.

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Revenue from operation grew to Rs 455.87 crore from Rs 273.17 crore in the same period of 2020-21.

"While the Covid fears have largely and fairly rapidly receded with vaccination drive gathering pace and overali mobility improving, the operating environment and consumer sentiments have been improving gradually in the run-up to the festive and wedding season," TBZ Chairman and Managing Director Shrikant Zaveri said.

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He said with the reopening of stores across geographies post relaxation of COVID-induced curbs, the company continued to show encouraging growth in sales both sequentially and year-on-year, leading to improvement in profitability during the quarter.

"New customer walk-ins and repeat purchases increased during the quarter with August touching substantially high footfalls on the back of festive campaigns. We continued to strive for growth by increasing investment in brand building and brand promotion thereby targeting specific audiences via television, social media platforms and outdoor advertising through hoardings etc, amongst other communication vehicles," he said.

The inventory was strategically maintained at adequate levels in September to service the anticipated spike in demand during the festive and wedding season, Zaveri added.

Shares of the company on Thursday settled at at Rs 92.95 apiece, up 1.42 per cent on BSE. PTI SM

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)