TBZ reports 54.16% PAT growth in H1 FY25, continues expansion strategy focused on eastern India

The brand recently opened two new retail outlets in Rourkela and Bhubaneshwar, in its mission to tap into key markets with a rich cultural heritage and significant commercial potential

Mumbai: Leading jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) Limited has reported robust growth in financial results for Q2 and H1 FY25 announced recently. The brand has attributed this to effective cost management and strategic expansion efforts in the market despite challenging conditions. The brand has continued its strategic expansion in eastern India by opening new stores in Rourkela and Bhubaneshwar, aiming for sustainable growth and placing emphasis on franchisee quality and customer satisfaction.

The brand’s profit after tax (PAT) grew by 44.40% in Q2 FY25 to Rs 132.20 million (Rs 13.2 crore), and by 54.16% in H1 FY25 to Rs 316.89 million (Rs 31.6 crore).

According to a filing by the brand while declaring results, the Q2 and H1 FY25 figures showcase its continued strategic focus on profitability and efficiency. It also cites improving market demand and effective pricing strategies, disciplined cost management and operational enhancements, prudent expense control as factors responsible for the growth.

Commenting on the brand’s performance, Srikant Zaveri, Chairman of TBZ Ltd, stated, “Our results for Q2 and H1 FY25 reflect TBZ’s ongoing dedication to growth and operational discipline. The solid gains in PAT and steadily expanding margins are tangible outcomes of our focus on efficiency and our more profitable product segments. With the addition of new stores in Rourkela and Bhubaneshwar, we are well-positioned to further deepen our presence in eastern India and cater to a broader market with our legacy of craftsmanship and quality.”

“Opening stores in Rourkela and Bhubaneshwar marks a significant step in our expansion strategy, capturing the essence of TBZ Ltd’s dedication to growth that preserves our standards of craftsmanship and customer service,” stated Binaisha Zaveri, Director of TBZ Ltd. “These new stores are more than retail outlets; they are symbols of our 160 years’ heritage in cities that value fine jewellery. This expansion enables us to connect with new communities and foster long-term relationships with patrons, bringing the TBZ experience closer to our customers in Eastern India. Going forward, we hope to further add to these store expansion numbers in H2 FY25, focusing on under-penetrated markets.”

Meanwhile, Q2 FY25 saw a substantial increase in new customer acquisitions (up 44%) for the brand, and re-engagement of lapsed customers (12%), driven by campaigns like ‘Diamond No Making Festival’ and ‘Brides of TBZ’.

TBZ Ltd began its journey in 1864, opening its flagship store in Zaveri Bazar, Mumbai, entering a largely unorganized Indian jewellery industry. It has been at the forefront of introducing quality and transparency standards in the industry. The company has transformed from a one-store family-owned business in 1864 to a professional organization spearheaded by fifth generation jewellers, expanding its presence and reach across India with 36 stores in 28 cities.

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