India's Tribhovandas Bhimji Zaveri posts Q4 profit rise on steady demand

Tribhovandas Bhimji Zaveri

27/05/2024 13:24

Indian jeweller Tribhovandas Bhimji Zaveri  TBZL.NS  reported a
7.5% rise in its fourth-quarter profit on Monday, driven by
steady demand.  
    The company said its consolidated net profit rose to 126.1
million rupees ($1.5 million) for the quarter ended March 31, up
from 117.3 million rupees a year ago.
    The jewellery retail chain's bottom-line received a boost
this quarter due to steady demand, driven by an extended Indian
wedding season in January. 
    Gold demand in India, the world's second-largest gold
consumer, rose 8% year-on-year in the January-March quarter
despite gold prices rising to record highs of 67,850 rupees per
10 grams in the March quarter.
        The Mumbai-based TBZ's total revenue from operations
rose 9% to 5.07 billion rupees, while total expenses rose 9.2%
to 4.93 billion rupees.
    The company said it adopted advanced inventory management
systems and process automation, among other processes, to
streamline operations and reduce costs, adding that it plans to
open franchise stores in new cities in the fiscal year 2025.
    Larger rival Titan Company  TITN.NS  reported a quarterly
profit miss earlier this month due to higher discounts and gold
prices, while Kalyan Jewellers India  KALN.NS  reported a 96%
jump in its fourth-quarter profit.
    TBZ's shares ended about 0.8% higher ahead of the results.
So far this year, the stock has fallen by 12.8%. 
    

($1 = 83.1020 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))