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Tribhovandas Bhimji Zaveri Chairman's Speech > Engineering - Heavy > Chairman's Speech from Tribhovandas Bhimji Zaveri - BSE: 534369, NSE: TBZ

Tribhovandas Bhimji Zaveri

BSE: 534369|NSE: TBZ|ISIN: INE760L01018|SECTOR: Diamond Cutting & Jewellery & Precious Metals
Nov 19, 12:51
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Mar 17
Chairman's Speech (Tribhovandas Bhimji Zaveri) Year : Mar '18

Dear Shareholders,

It is my pleasure to present before you our Annual Report for FY 2017-18.

The year will be remembered for India’s bold GST reform that has ushered in the era of a unified market with the one-nation, one-tax principle. This is a reform that has significant long-term benefits. The economy picked up growth as the effect of demonetisation faded with the GDP registering a growth of near 7%. Consumer and investor sentiment remained positive, particularly in the latter half of the fiscal year.

TBZ - The Original, has been one of the oldest brands not only in jewellery, but amongst all other consumer brands in India. With a rich and rare legacy of over 154 years, the brand today is deeply embedded in the hearts of our customers. What has endured and endeared TBZ - The Original over five generations has been lasting trust. This trust emanates from value: a piece of jewellery purchased from TBZ - The Original is not just fashion, beauty and aesthetics, but also sound investment and lifelong asset. We have always been at the forefront introducing many industry-first initiatives that have re-defined the industry. These include our pioneering lifetime buyback on gold and diamond jewellery, certified solitaire diamonds as well as introducing 100% BIS hallmarked jewellery. We were the first to offer lifetime guarantee for every single jewellery sold, something that is a rarity even today.

It was a satisfactory year for the Company. The total operating revenue for the year was Rs. 1,75,568.51 lakhs, a significant rise of 3.4 per cent. The rise is significant considering various challenges like increasing price of gold, depreciating Indian rupee as well as disruptive operating environment. While the growth in top-line was significant, the improvement in our margin was much more impressive. EBIDTA for the year increased to Rs. 7,309.87 lakhs from Rs. 7,053.18 lakhs and PAT for the year was Rs. 2,105.48 lakhs against Rs. 1,674.22 lakhs in the previous year. This was achieved through a focus on driving cost-efficiency. Another key factor during the year was better inventory management which resulted in finance cost declining by 20.9 per cent. Increase in sales of diamond jewellery, manufactured in-house, also contributed to margin improvement.

Looking ahead, we shall continue with our expansion plan to increase our retail footprint. Our growth strategy is to increase our footprint and widen our reach across Tier 2 and Tier 3 cities through a mix of own-stores as well as franchisee stores. We also continue to invest judiciously in marketing and brand building as we increase our presence across the country.

Even as we pursue an aggressive expansion strategy, at the heart of our business model is DELIVERING VALUE -to our shareholders as well as all other stakeholders.

Our consistent and relentless focus on DELIVERING VALUE has today brought us to an inflection point. We have the right combination of people and proposition, design and brand, reach and presence that will propel our next phase of growth and expansion. As a young and confident India takes bigger strides into affluence and aspirations, we are convinced that this is just the beginning of a fruitful and rewarding journey. Thank you for your continuous faith and trust in TBZ - The Original.

Yours sincerely,

Shrikant Zaveri

Chairman & Managing Director

Source : Dion Global Solutions Limited
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