New Delhi: Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) posted a net profit of 16.26 crore for the quarter ended June 30.
On standalone basis, its total income for the period stood at 283.5 crore, the release said.
As this is the first result after the company hit the capital market in May, there are no comparable figures of the previous years.
"In the first quarter following the successful completion of the IPO, our focus was on reinforcing the brand and its premier wedding jewellery positioning.
"TBZ maintained net profit margin at 5.74 percent for the quarter on account of a judicious sales mix of gold and diamond wherein diamond jewellery sales enhanced the margins," company's Chairman and Managing Director Shrikant Zaveri said.
"For the first time ever, TBZ opted for a gold loan facility during this quarter as a best-of-breed business practice to help enhance business efficiencies and mitigate the risk of gold price volatility," Zaveri said.
He said the company faced several challenges due to bleak industry scenario in Q1 of this fiscal. This included lower gold volume due to fewer weddings and festivals during the first quarter.
Zaveri further said the overall volumes are expected to recover during the second half of the fiscal.
"TBZ is maintaining the momentum of its retail expansion across key markets in sync with the IPO disclosures. Our innovative marketing and promotional initiatives will help us attract more footfalls at retail outlets," he added.