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Apr 24, 2012, 04.15 PM IST
The Rs 210-crore initial public offering (IPO) of jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has opened for subscription today. Shrikant Zaveri, chairman and managing director of TBZ says, "We will be able to achieve last year's margins.”
In an interview to CNBC-TV18, Shrikant Zaveri, chairman and managing director of TBZ says, last year, the company clocked a top-line of Rs 1,194 crore with an EBITDA of 9.3% and with a PAT of 3.4%. “Going ahead, with our strong fundamentals, we will be able to achieve these margins.”
Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying video.
Q: What kind of demand you are seeing for gold right now, given that the price has been quite volatile? Are you seeing accumulation or nervousness because of the correction in the price?
A: No, I am not nervous at all on this auspicious day. It’s going to be very accumulative scene that we are seeing.
Q: The criticism at this point against your issue is that perhaps it’s a little more expensively valued compared to some of your listed peers. Can you give us a sense of what kind of growth Tribhovandas has seen over the last few years? What kind of average growth rate it is that you are confident of clogging?
A: We have a quality anchor investors. There is a long legacy of strong brand name, innovation, strengths. We have a strong experience in rolling out stores. In house manufacturing is another strong strength that we have. Our company is a very strong management, professionally managed company.
Q: Your anchor investors have come in at the lower end of the price range thoug, is that the indication of how the management would like to price its issue?
A: The investors, after studying our company, have come to a valuation. We appreciate their valuation and those rates.
Q: What is your expectation? What kind of margin you can get from this business going forward because it seems to be a fairly competitive business? What kind of margin profile this business might enjoy on a consistent basis?
A: Last year, we have clocked a top-line of Rs 1,194 crore and ended December 31, 2012, we have clocked Rs 1,117 crore with an EBITDA of 9.3% last year and 9.3% as of December this year and with a PAT of 3.4% last year and 4.5% for the nine-month period. Going ahead, with our strong fundamentals, we will be able to achieve these margins.
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