TBZ Q1 Profit Up 28% To K20.77 Crore

Solitaire - - Spectrum -

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.”

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