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TBZ's 3Q Revenue -10%, Profit -23%

Longer Wedding Season Offers Strong Outlook

Feb 7, 2014 12:56 PM   By Jeff Miller
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RAPAPORT... Tribhovandas Bhimji Zaveri (TBZ) Ltd. reported that its  revenue fell 10.1 percent year on year to $83.3 million (INR 5.189 billion) for the third quarter that ended on December 31. Expenses dropped 10.8 percent to $76.7 million (INR  4.778 billion). Profit after taxes and minority interest dropped 22.9 percent to $3.1 million (INR 190.8 million).

Shrikant Zaveri, TBZ's chairman, explained to shareholders that the financial period came under pressure from difficult market conditions as demand softened and government restrictions limited the availability of gold. Still, Zaveri added, ''We are hopeful to stimulate consumer demand during the year through innovative strategies to counteract the adverse business environment.

''Furthermore, the wedding segment is expected to show improved performance in fiscal 2014, driven by a higher number of wedding days (74 days this year, compared with 49 days in 2013) and higher number of auspicious days, which will last until the end of June 2014, the highest in the last decade,'' he added.

TBZ anticipates that the launch of new collections and designs will further drive consumer interest and improve gross margin. One such offering launched recently as "New Age Brides," a wedding collection the brand showcased through a series of exhibitions in six towns across the country.
 


Tags: diamonds, India, Jeff Miller, Jewelry sales, TBZ, wedding
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