The company had reported a net profit of Rs 20.77 crore in the April-June quarter of the last year.
In a filing to the BSE, the company said net sales declined to Rs 432.26 crore in the first quarter of the 2014-15 fiscal from Rs 532.95 crore in the year-ago period.
The financial cost also increased to Rs 12.90 crore from Rs 7.80 crore in the review period.
In the filing, the company said its board in a meeting tody decided to cancel the proposal of merger of two of its wholly-owned subsidiaries -- Tribhovandas Bhimji Zaveri (Bombay) Limited and Konfiaance Jewellery -- with the parent company Tribhovandas Bhimji Zaveri.
The proposal for merger was approved by the board on May 28, 2013.
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