Mumbai: Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) on Monday reported an 8 per cent decline in profit after tax (PAT) at Rs 17 crore for the fourth quarter that ended on March 31.
The company had registered a profit after tax of Rs 18.49 crore for the corresponding period a year ago, it said in a release issued here.
Total income from operations declined 34 per cent to Rs 305.16 crore during the quarter under review compared to Rs 463.01 crore in the corresponding quarter of the previous fiscal year.
"Fourth quarter performance was impacted by the nationwide agitation by gems and jewellery industry in protest against imposition of 1 per cent excise duty on jewellery sales," TBZ chairman and managing director Shrikant Zaveri said.
"Even in these challenging times we were able to improve our gross margins by 364 basis points year-on-year to 17.4 per cent and keep our operating cost under strict control," the MD said.
The company, he said, continued with its efforts to rationalise and refresh the inventory.
"These measures helped us maintain a positive cash flow. During the quarter we incurred a hedging loss of Rs 13.6 crore on account of rising gold prices," he added.
The company had registered a profit after tax of Rs 18.49 crore for the corresponding period a year ago, it said in a release issued here.
Total income from operations declined 34 per cent to Rs 305.16 crore during the quarter under review compared to Rs 463.01 crore in the corresponding quarter of the previous fiscal year.
"Fourth quarter performance was impacted by the nationwide agitation by gems and jewellery industry in protest against imposition of 1 per cent excise duty on jewellery sales," TBZ chairman and managing director Shrikant Zaveri said.
"Even in these challenging times we were able to improve our gross margins by 364 basis points year-on-year to 17.4 per cent and keep our operating cost under strict control," the MD said.
The company, he said, continued with its efforts to rationalise and refresh the inventory.
"These measures helped us maintain a positive cash flow. During the quarter we incurred a hedging loss of Rs 13.6 crore on account of rising gold prices," he added.
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