MUMBAI, India, Feb. 9, 2024 -- Tribhovandas Bhimji Zaveri Limited ("TBZ Ltd."), India's renowned and trusted jewellery retailer with a legacy of over 159 years, reported its audited financial results for the third quarter of fiscal year 2023-24 (Q3 FY24) and the nine month period of the year (9M FY24). Demonstrating resilience, the Company reaffirms its commitment to delivering unparalleled craftsmanship and value in the Indian jewellery landscape.


In Rs crores

Q3 FY24

Q3 FY23

% YoY

9M FY24

9M FY23

% YoY

Total Income from Operations



-8.76 %



-7.07 %

Gross Profit



13.53 %



17.31 %

Gross Margin (%)

12.46 %

10.01 %

13.13 %

10.40 %




4.41 %



26.43 %

EBITDA Margin (%)

6.10 %

5.33 %

5.98 %

4.39 %




7.32 %



46.64 %

PBT Margin (%)

3.86 %

3.28 %

3.13 %

1.98 %




5.22 %



46.15 %

PAT Margin (%)

2.84 %

2.45 %

2.32 %

1.47 %


Q3 FY24 

  • Q3 FY24 EBITDA increased by 4.41 % YoY to Rs. 45.21 crore with an EBITDA margin of 6.10%.
  • Q3 FY24 PBT increased by 7.32% YoY to Rs. 28.60 crore with a PBT margin of 3.86%.
  • Q3 FY24 PAT increased by 5.22% YoY to Rs. 20.96 crore with a PAT margin of 2.84%.

9M FY24 

  • 9M FY24 EBITDA increased by 26.43% YoY to Rs. 107.10 crore with an EBITDA margin of 5.98%.
  • 9M FY24 PBT increased by 46.64% YoY to Rs. 56.06 crore with a PBT margin of 3.13%.
  • 9M FY24 PAT increased by 46.15% YoY to Rs. 41.52 crore with a PAT margin of 2.32%.
  • New store in Vapi, Gujarat opened in Q3 FY24.

In Q3 FY24 and 9M FY24, despite encountering revenue challenges, we maintained resilience by navigating through a period of fluctuating gold prices, demonstrating our ability to increase profitability. In response to the situation, the company made strategic adjustments, including optimizing the supply chain for greater efficiency and carefully managing sales to prioritize profitability. Notably, TBZ witnessed a positive shift in the Gold/Diamond Ratio, with a 3-4% growth in Diamond compared to Gold for Q3 FY24 and 9M FY24. This improvement reflects the company's efforts to adapt to evolving market demands while maintaining profitability. 

New Store: Vapi, Gujarat 

The inauguration of a new showroom in Vapi, Gujarat during Q3 FY24 highlights TBZ Ltd.'s commitment to expanding its presence. The decision to open a store in Vapi, Gujarat, stems from TBZ Ltd.'s recognition of the city's economic vitality, social advancement, and infrastructural progress. Furthermore, the city's growing consumer base and rising purchasing power highlighting its potential as a lucrative market for premium jewellery offerings. 

Mr. Shrikant Zaveri, Chairman and Managing Director, emphasized TBZ's resilience, stating, "Our performance in the first nine months of FY24 highlights our commitment to steady growth and improved profitability despite market challenges. With our expanding footprint and enhanced operational metrics, TBZ Ltd. has earned the trust of a multi-generational clientele. We remain dedicated to delivering high-value growth without compromising on quality and renowned designs. Lastly, I invite everyone to visit our new store in Vapi, Gujarat, as we continue to expand nationally."

Mr. Mukesh Sharma, CFO, reiterated the company's dedication to operational excellence, stating, "We are actively working on optimizing our supply chain and improving operational efficiencies to navigate through dynamic market conditions. Our focus on profitability and strategic management of sales channels has yielded positive results, reflected in our improving gross margins and profitability metrics. As we head into the end of the financial year, we remain focused on expanding our presence through new stores and the franchisee model, and building a journey of sustained growth, grounded on business fundamentals."

About Tribhovandas Bhimji Zaveri Limited  

Tribhovandas Bhimji Zaveri Limited is India's renowned and trusted jewellery retailer with more than 159 years of legacy. The company began its journey in 1864, opening its flagship store in Zaveri Bazar, Mumbai. Over the years, the company has established itself as a preferred choice for customers in the wedding jewellery segment, recognized for exquisite gold and diamond jewellery designs. It has led from the front in an otherwise largely unorganized Indian jewellery industry, displaying high quality and transparency standards over the last 159 years, being the first jeweller to offer a buyback guarantee on jewellery and introduce 100% hallmarked jewellery in India. The company has transformed itself from a one-store family-owned business in 1864 to a professional organization spearheaded by the 5th generation, expanding its presence and reach across India with 33 stores in 25 cities.