TBZ drops after reverse turnaround in Q4

Tribhovandas Bhimji Zaveri lost 3.26% to Rs 68.20 at 12:12 IST on BSE after the company reported net loss of Rs 17 crore in Q4 March 2016 as compared to net profit of Rs 18.49 crore in Q4 March 2015.

The result was announced after market hours yesterday, 2 May 2016.

Meanwhile, the S&P BSE Sensex was up 144.89 points or 0.57% at 25,581.86

On BSE, so far 2.07 lakh shares were traded in the counter as against average daily volume of 1.66 lakh shares in the past one quarter. The stock hit a high of Rs 69 and a low of Rs 66.30 so far during the day. The stock had hit a 52-week high of Rs 165.90 on 20 July 2015. The stock had hit a record low of Rs 47.40 on 1 March 2016. The small-cap stock had outperformed the market over the past one month till 2 May 2016, gaining 20.41% compared with 0.66% gains in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 3.3% as against Sensex's 3.66% gains.

The small-cap company has equity capital of Rs 66.73 crore. Face value per share is Rs 10.

Tribhovandas Bhimji Zaveri (TBZ)'s total income fell 34.1% to Rs 305.07 crore in Q4 March 2016 over Q4 March 2015. TBZ said that the company's board of directors at its meeting held yesterday, 2 May 2016, did not recommend any dividend for the financial year ended 31 March 2016 (FY 2016). Earlier, TBZ has been paying dividend regularly for the past three years since its listing on the stock exchanges on 9 May 2012.

Tribhovandas Bhimji Zaveri (TBZ)'s earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 102.91% to Rs - 0.73 crore in Q4 March 2016 over Q4 March 2015. EBITDA margin fell to -0.24 % in Q4 March 2016 from 5.39% in Q4 March 2015.

TBZ chairman and managing director Shrikant Zaveri said that the company's Q4 March 2016 performance was impacted by the nationwide agitation by gems and jewellery industry in protest against imposition of 1% excise duty on jewellery sales. The company incurred a hedging loss of Rs 13.6 crore on account of rising gold prices, Shrikant Zaveri said.

TBZ sells gold and diamond studded jewellery through retail outlets.

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