Jewellery retailer Tribhovandas Bhimji Zaveri posted 22.84 per cent decline in net profit at Rs 19.08 crore for the quarter ended December 31.
The company's net profit stood at Rs 24.73 crore in the corresponding quarter of FY13, TBZ said in a release issued here.
The overall income in the third quarter also declined by 10 per cent at Rs 518.94 crore compared to Rs 577.08 crore in the corresponding quarter of FY13.
"The performance was impacted due to tough market conditions as demand shrinkages followed by uncertainty of availability of gold due to high import duty.
"Despite slowdown, we are hopeful to stimulate consumer demand during the year through innovative strategies to counter the adverse business environment," Tribhovandas Bhimji Zaveri Chairman and Managing Director Shrikant Zaveri said.
The wedding segment is expected to show improved performance in FY14, driven by higher number of wedding days (74 days compared to 49 days in FY13), and higher number of auspicious days, which will last till June end - the highest in the last decade, he said.
