TBZ Ltd. Delivers Sustainable Growth in Q4 & FY23, Led by Strong Performance in Jewellery Segment

Tribhovandas Bhimji Zaveri Limited (''TBZ''), India's renowned and trusted jewellery retailer with a legacy of over 158 years, reported its audited financial results for Q4 & FY23 ending on March 31st, 2023.

KEY HIGHLIGHTS In Rs Crores Q4 FY23 Q4 FY22 % YoY FY23 FY22 % YoY Total Income from Operations 464.75 431.49 7.71 % 2393.63 1843.84 29.82 % Gross Profit 65.86 45.04 46.23 % 266.52 197.27 35.10 % Gross Margin (%) 14.17 % 10.44 % 11.13 % 10.70 % EBITDA 30.25 15.44 95.94 % 114.97 72.35 58.90 % EBITDA Margin (%) 6.51 % 3.58 % 4.80 % 3.92 % PBT 13.29 2.84 367.92 % 51.53 22.88 125.24 % PBT Margin (%) 2.86 % 0.66 % 2.15 % 1.24 % PAT 11.26 2.43 363.03 % 39.67 17.11 131.86 % PAT Margin (%) 2.42 % 0.56 % 1.66 % 0.93 % Earnings Per Share (Rs.) 1.69 0.36 5.95 2.56 Q4 FY23 The total operating income during Q4 FY23 increased by 7.71% YoY to Rs. 464.75 crore. Q4 FY23 EBITDA increased by 95.94% YoY to Rs. 30.25 crore with an EBITDA margin of 6.51%. Q4 FY23 PBT increased by 367.92 % YoY to Rs. 13.29 crore with a PBT margin of 2.86%. Q4FY23 PAT increased by 363.03% YoY to Rs. 11.26 crore with a PAT margin of 2.42%.

FY23 The total operating income during FY23 increased by 29.82% YoY to Rs. 2393.63 crore. FY23 EBITDA increased by 58.90% YoY to Rs. 114.97 crore with an EBITDA margin of 4.80%. FY23 PBT increased by 125.24% YoY to Rs. 51.53 crore with a PBT margin of 2.15%. FY23 PAT increased by 131.86% YoY to Rs. 39.67 crore with a PAT margin of 1.66%.

TBZ's operating efficiency has increased, leading to improved sales across all product categories. The company's commitment to enhancing margins and optimizing sales and margin performance has resulted in a blended YoY margin growth of 29.8% for FY23. In Q4 FY23 alone, TBZ achieved a 3.73% growth in margins, reflecting its continuous efforts to drive operational efficiency. This performance can be attributed to the company's unique and exclusive manufacturing designs, which have resonated well with customers seeking exquisite craftsmanship and exceptional quality ''We are delighted to report our strong financial performance for the fourth quarter and fiscal year 2023,'' said Mr. Shrikant Zaveri, Chairman and Managing Director of the Company at TBZ Ltd. ''Our focus on delivering unique designs and enhancing operational efficiency has translated into higher sales and improved margins. We are determined to sustain this momentum and further strengthen our position in the market. This quarter also saw the inauguration of the HUES, Svara, Navya & Kavya collections that garnered an overwhelming response from our customers. During the quarter, we received more than 50K walk-ins, while FY23 saw more than 2.5 lac overall walk-ins with an approx 25% growth YoY up from > 2 lac walk-ins in FY22. We are determined to sustain this momentum and further strengthen our legacy position in the market.'' Overall, TBZ has experienced growth in both the gold and diamond segments, reaffirming the strength and diversification of its product offerings. The company achieved a remarkable YoY growth rate of 29.8% for the full year FY23, demonstrating its ability to capitalize on market opportunities and successfully execute its strategic initiatives.

TBZ's dedication to improving margins has shown significant progress, with a notable improvement in Q4 margins. The company has worked diligently on optimizing sales and margin performance, ensuring sustainable profitability and creating long-term value for its stakeholders. Maintaining a reasonable inventory level has been a key focus for TBZ, enabling efficient working capital management and supporting its growth objectives.

Looking ahead, TBZ Ltd. remains committed to driving innovation, customer satisfaction, and sustainable financial growth. By continuing to deliver exceptional jewellery designs, enhancing operational efficiency, and optimizing margins, the company is well-positioned to capture future market opportunities and provide its customers with unparalleled products and experiences.

About Tribhovandas Bhimji Zaveri Limited Tribhovandas Bhimji Zaveri Limited is India's renowned and trusted jewellery retailer with more than 158 years of legacy. The company began its journey in 1864, opening its flagship store in Zaveri Bazar, Mumbai. Over the years, the company has established itself as a preferred choice for customers in the wedding jewellery segment, recognized for exquisite gold and diamond jewellery designs. It has led from the front in an otherwise largely unorganized Indian jewellery industry, displaying high quality and transparency standards over the last 158 years, being the first jeweller to offer a buyback guarantee on jewellery and introduce 100% per-hallmarked jewellery in India. The company has transformed itself from a one-store family-owned business in 1864 to a professional organization spearheaded by the 5th generation, expanding its presence and reach across India with 32 stores in 25 cities.

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