Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) posted a net loss of Rs 12.10 crore during the second quarter of this fiscal.
The company's profit after tax (PAT) stood at Rs 55.06 lakh in the corresponding quarter of FY15, TBZ said in a release today.
TBZ's net income for the quarter grew by a marginal 2.74 per cent to Rs 438.03 crore compared to Rs 426.32 crore a year ago.
"We are positive on the future business outlook and hope to see an improved demand in the upcoming festival and wedding season. Despite lower consumer sentiments and a challenging quarter, we maintained year-on-year sales and improved gross margin," TBZ Chairman and MD Shrikant Zaveri said.
The company has opened its 29th store in Mumbai and has also signed its first franchise agreement for its upcoming store in Dhanbad in Jharkhand, he added.
"Going forward, we aim to maintain a judicious mix of own and franchise stores to accelerate our growth and presence across India in an asset light manner," he further said.
