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TBZ's 2Q Sales Reach $64M

The jeweler maintains net profit margin at 5.5 percent.
Nov 8, 2012 1:14 AM   By Dilipp S Nag
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RAPAPORT... Tribhovandas Bhimji Zaveri Ltd. (TBZ) reported net sales of $64.2 million (INR 3.49 billion) ‎during its second fiscal quarter that ended on September 30, 2012. The Mumbai-based jewelry ‎retailer didn’t provide comparable data from 2011 as it was an unlisted company one year ago. ‎Sales were up 24 percent from the previous quarter. Net profit was $3.5 million (INR 190.1 million) during the period.

‎“In the second quarter, our focus was on enhancing our brand positioning in the wedding ‎segment and enhancing our retail presence,” said Shrikant Zaveri, TBZ’s chairman and ‎managing director. He reported that the company opened 5 new stores during the quarter, ‎taking its total number of showrooms to 19 across six Indian states including Maharashtra, ‎Gujarat, Madhya Pradesh, Kerala, Andhra Pradesh and West Bengal.‎

‎“TBZ is maintaining the momentum of its retail expansion across key markets,” Zaveri said. ‎‎“Overall volume is expected to recover during the second half of fiscal 2013.”‎

TBZ stated that its earnings before interest, tax, depreciation and amortization (EBITDA) for ‎the quarter stood at $5.2 million (INR 283.9 million), while the EBITDA margin was 8.6 percent ‎of total income despite the industry facing a tough economic environment and higher gold ‎prices during the second quarter.‎

The company maintained its net profit margin at 5.5 percent for the quarter, helped by an ‎optimal sales mix of gold and diamonds. TBZ noted that diamond jewelry sales enhanced its ‎margins.

The company has unveiled new wedding and party wear collections in order to boost its store ‎sales in the ongoing festival and wedding season.‎

In April, TBZ raised approximately $36 million (INR 2 billion) through an initial public offering to ‎fund its expansion and for incremental working capital requirements, among other things. The ‎company plans to open 43 showrooms by the end of fiscal year 2015.‎

*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
Tags: diamond jewelry, Dilipp S Nag, gold, India, Jewelry, Rapaport, retail, Shrikant Zaveri, TBZ, Tribhovandas Bhimji Zaveri
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