Tribhovandas Bhimji Zaveri Limited — Important, 13-11-2024: General Updates

**Financial Highlights:** TBZ reported a revenue increase of 17.99% YoY in Q2 FY25, totaling ₹5,670.47 million, contributing to a H1 FY25 revenue of ₹11,632.90 million, reflecting a 10.64% growth. Gross margins improved, rising by 38 basis points in Q2 and 45 basis points in H1. EBITDA grew by 22.22% in Q2, reaching ₹362.51 million, while H1 EBITDA stood at ₹788.47 million, up 27.41%. Profit After Tax (PAT) saw a remarkable increase of 44.40% in Q2, totaling ₹132.20 crore and a 54.16% rise in H1, reaching ₹316.89 crore.

**Strategic Initiatives and Growth Drivers:** TBZ expanded its retail presence with new stores in Rourkela and Bhubaneswar, enhancing its footprint in Eastern India. The company launched several marketing campaigns aligned with regional festivities to drive customer engagement and boost footfalls.

**Business Developments:** Recent campaigns, such as the Diamond No Making Festival and Brides of TBZ, significantly increased customer interaction, resulting in over 1.20 lakh walk-ins in Q2. The focus remains on boosting digital engagement and localized marketing strategies.

**Market Position and Competitive Advantage:** TBZ's legacy of 160 years in jewelry positions it as a leader in the Indian market, especially in specialty wedding and occasion jewelry, capturing a diverse customer base that translates into stable revenue streams.

**Investor Implications:** With consistent growth in financial performance and a proactive expansion strategy, TBZ shows a positive outlook for ongoing and future market engagement. The robust brand heritage coupled with innovative marketing initiatives positions the company favorably amidst rising consumer demand in India's expanding middle class.