Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has posted a 45 percent growth in net profit amounting to Rs 571.93 mn for the year ended March 31, 2012, as compared to Rs 394.24 mn for the year ended March 31, 2011. It also posted a 16 percent growth in total income (standalone) from operations amounting to Rs 13,854.70 mn for the year ended March 31, 2012, as compared to Rs 11,939.31 mn last fiscal.
The company’s earning per share (EPS) stood at Rs 11.44 (basic) and Rs 11.42 (diluted) for financial year 2012 as compared to Rs 7.88 (basic) and Rs 7.87 (diluted) last fiscal. Its board of directors have recommended dividend of Re. 0.75 (seventy-five paise) per equity share of Rs 10 each for the financial year 2011-12. The payment is subject to approval of shareholders in the ensuing annual general meeting.
Commenting on the company’s growth, Shrikant Zaveri, Chairman and Managing Director, TBZ, said: “TBZ has posted a strong growth in spite of challenging market conditions including the gems and jewellery industry strike in fourth quarter. We are pleased to welcome new investors with the recommendation of a dividend for the first time. Our strategy is focussed on leveraging our brand for increasing existing showroom sales whilst expanding our retail network across India. We intend to increase diamond-studded jewellery sales while taking advantage of the economies of scale. The company also plans to increase its in-house and outsourced manufacturing activities.”
Tribhovandas Bhimji Zaveri has 14 showrooms in 9 cities across 5 states, which have a total carpet area of approximately 48, 800 sq.ft. The retailer plans to open additional 43 showrooms (25 large and 18 small format high street showrooms) by the end of fiscal 2015, making a total of 57 showrooms (with a total carpet area of approximately 150,000 sq.ft.) in 43 cities across 14 states.
