Tribhovandas Bhimji Zaveri (TBZ) has reported over 58 per cent rise in net profit at Rs 18.49 crore for the quarter ended March 2015 due to sustained momentum in consumer demand.
The company had posted a net profit of Rs 11.69 crore in the corresponding period of the previous year, TBZ said in a statement.
The company's total income went up by 3.82 per cent to Rs 463 crore during the quarter under review as against Rs 445.27 crore a year ago.
"The fourth quarter witnessed sustained momentum in consumer demand, which had gained traction during the third quarter. With gold prices remaining largely stable, the consumer sentiments displayed gradual improvement.
"Furthermore, the onset of wedding season since November 2014 helped maintain sustained sales at our stores," TBZ Chairman and Managing Director Shrikant Zaveri said.
The company, he said, was also able to display an improved year-over-year performance during various festivals and auspicious occasions during the quarter.
"We believe we will see an improved performance in the coming quarters backed by several macroeconomic and industry tailwinds in the form of removal of the 80:20 regulation, reinstatement of gold metal loans, drop in inflation, drop in oil prices and improving consumer discretionary sentiments," he added.
