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TBZ's Revenue -19%, Profit -97%
Aug 6, 2014 9:01 AM
By Deena Taylor
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RAPAPORT... Tribhovandas Bhimji Zaveri (TBZ) Ltd. reported that revenue dropped 18.9 percent year on year to $70.4 million (INR 4.32 billion) in the first quarter that ended on June 30. The company's profit plunged 97.4 percent to $84,974 (INR 5.22 million). The company held expenses down by 15 percent to $68.6 million (INR 4.212 billion).
Shrikant Zaveri, TBZ's chairman, explained that the company successfully steered through one of the toughest times experienced over the past several years as a result of severe regulatory pressures exerted on the industry in India. However, he noted that the company has emerged stronger and is gaining from the improving economic sentiment in the current year.
"Under the current situation, we remained focused on growth of sales, while keeping operating costs and debt within acceptable limits. However, with a high base of an extraordinary first quarter of fiscal 2014, it was difficult to display top-line growth," he said.
The company hopes to stimulate consumer demand during the current fiscal year through innovative strategies. TBZ will also slow its store expansion strategy and will rather remain focused on improving the performance of its existing stores through enhanced customer footfalls and steady margins.
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Tags:
Deena Taylor, TBZ
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