TBZ Q1 Profit Up 28% To K20.77 Crore
Tribhovandas Bhimji Zaveri Ltd. – The Original (TBZ) posted a growth of 28% in its net profit for the first quarter that ended June 30, 2013, amounting to H20.77 crore compared with H16.26 crore posted in the same period last year.
Despite a slowing macroeconomic environment and increase in import duties for gold, TBZ’s total income rose by 89% to H535.26 crore during the first quarter. The earnings per share (not annualised) was H3.12 (basic) and H3.11 (diluted).
Shrikant Zaveri, TBZ chairman and managing director, said, “Despite subdued economic conditions in India as well as rising import costs, TBZ has performed well in the first quarter of the current fiscal on account of a fall in gold prices in April, a good wedding season during the first quarter and astute marketing initiatives. The company continues to stimulate consumer demand through innovative strategies to counter the general economic slowdown as well as the impact of recent regulatory measures introduced in the financing of gold imports.”