Indian jeweller Tribhovandas Bhimji Zaveri reported a 7.5% rise in its fourth-quarter profit on Monday, driven by steady demand.
The company said its consolidated net profit rose to 126.1 million rupees ($1.5 million) for the quarter ended March 31, up from 117.3 million rupees a year ago.
The jewellery retail chain’s bottom-line received a boost this quarter due to steady demand, driven by an extended Indian wedding season in January.
Gold demand in India, the world’s second-largest gold consumer, rose 8% year-on-year in the January-March quarter despite gold prices rising to record highs of 67,850 rupees per 10 grams in the March quarter.
The Mumbai-based TBZ‘s total revenue from operations rose 9% to 5.07 billion rupees, while total expenses rose 9.2% to 4.93 billion rupees.
The company said it adopted advanced inventory management systems and process automation, among other processes, to streamline operations and reduce costs, adding that it plans to open franchise stores in new cities in the fiscal year 2025.
Larger rival Titan Company reported a quarterly profit miss earlier this month due to higher discounts and gold prices, while Kalyan Jewellers India reported a 96% jump in its fourth-quarter profit.
TBZ’s shares ended about 0.8% higher ahead of the results. So far this year, the stock has fallen by 12.8%.
