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TBZ FY Sales +16% to $249M
May 31, 2012 1:47 AM
By Dilipp S Nag
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RAPAPORT... Tribhovandas Bhimji Zaveri Ltd. (TBZ) reported that group net sales rose 16 percent year on year to $249.1 million (INR 13.85 billion) for the fiscal year that ended on March 31, 2012. The jewelry retailer didn’t provide specific reasons for the sales increase. Net profit jumped 46 percent to $10.3 million (INR 572.4 million) during the year, according to TBZ, which currently operates 14 showrooms in 10 cities.
Total expenditures increased 14 percent to $227.9 million (INR 12.67 billion), the Mumbai-based company reported.
TBZ raised approximately $36 million (INR 2 billion) in April through its initial public offering (IPO) of 16.7 million equity shares, including the share allotment to anchor investors. The company plans to use its IPO proceeds to set up new stores and for incremental working capital requirements. TBZ expects to open 43 retail chains 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.
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Tags:
Dilipp S Nag, India, ipo, Jewelry, Rapaport, retail, TBZ, Tribhovandas Bhimji Zaveri
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