Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) today reported more than three-fold jump in its standalone net profit at Rs 24.99 crore for the fourth quarter ended March 31.

It had posted a net profit of Rs 7.64 crore in the January-March quarter of 2011-12 fiscal, the Company said in a filing to the BSE.

The Company’s net profit increased as its total income rose to Rs 447.32 crore in the quarter against Rs 268.09 crore in the year-ago period.

For the full fiscal 2012-13, the Company’s consolidated net profit increased to Rs 85 crore from Rs 57.19 crore in the 2011-12 fiscal, while total income jumped to Rs 1,658.33 crore from Rs 1,385.46 crore in the review period.

Commenting on the results TBZ Chairman and Managing Director Shrikant Zaveri in a statement said, “In spite of adverse market conditions the company has done well.”

In April 2012, the Company had issued 1.66 crore equity shares through an initial public offers (IPO) to raise Rs 200 crore at price band of Rs 120 per share.

“The objective of the IPO was to expand in newer markets and we have fulfilled our first year commitments by opening 11 new stores in this year,” the company said.

TBZ also said its Board has given in-principal approval to the proposal to merge the company with its two wholly-owned subsidiaries — Tribhovandas Bhimji Zaveri (Bombay) Ltd and Konfiaance Jewellery Pvt Ltd.

At present, TBZ has 26 showrooms in 20 cities across 7 states. The Company scrip rose 3.40 per cent to Rs 253.85 in the late afternoon trade on the BSE.

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