tribhovandas bhimji zaveri (tbz)

8/12/2019 Tribhovandas Bhimji Zaveri (TBZ)

1/15

Regd. Office : 298, Perin Nariman Street, 4th Floor, City Ice Building, Fort, Mumbai - 400 001. 1

Dim

ensionalSecuritiesPvt.

Ltd.

Tribhovandas Bhimji Zaveri (TBZ) Date : 13th June, 2014

ONE YEAR PRICE PERFORMANCE

Tribhovandas Bhimji Zaveri(TBZ)

SHARE HOLDING PATTERN

Date : 13th June, 2014

AVERAGE TURNOVER (000)

BSE 151.6

NSE 566.1

Recommendation : Accumulate

CMP : 198

Targe t Price : 258

MARKET DATA

Fig. in `(in Cr.) except Ratios

Equity (Subscribed) 66.7

Reserve 381

Price/Book Value Ratio 2.8

EPS-Unit Curr. (TTM) 8.2

Market Price (13/06/2014) 197.5

P/E Ratio (TTM) 22.8

52 Week High (25/07/2013) 224

52 Week Low (03/10/2013) 116

Market Capitalisation 1318

Apurva Shah (Research Analyst)[email protected]

91-22-66545270

COMPANYDESCRIPTION:-Tribhovandas Bhimji Zaveri (TBZ) is a 150 year old jewellery retailer

with presence in 17 cities and 8 states across India. The company

primarily focuses on gold and diamond / studded jewellery. It is

among the most trusted brands in the domestic jewellery industry.

As on 31st March, 2014 the total retail space for 27 stores stood

at ~88000 sq. ft., gold jewellery contributes around 77% of total

revenue while diamond jewellery contributes 21% of total revenue.

INVESTMENTRATIONALE:-

Strong operational performance:

In last 5 years the revenue has increased by 22.2% CAGR while

PAT has increased by 39% during the same period. The

company has also benefited due to increase in gold prices

and higher contribution from diamond / studded jewellery.

We expect the company to open 30 new stores by FY17 andincrease their retail space to 150000 sq ft from ~88000 sq ft

as on March 14. We expect revenue to grow at 23.5% CAGR

for FY15 - FY17 period while PAT to grow at 41% CAGR during

the same period.

Higher contribution from diamond / studded jewellery will

increase the margins:

The gross margins (sales - raw material cost) for gold jewellery

is around 10-12%, while in diamond it is around 33-35%. The

current revenue mix for gold and diamond jewellery is around

77% and 21% respectively which has come down from 72%

and 25% in FY12. Diamond jewellery demand is directlycorrelated with consumer sentiments; any revenue mix in

favor of diamond jewellery will improve the profitability of

the company.

Improvement in domestic economy will lead to softening

of gold regulations by RBI:

To control India's current account deficit RBI imposed many

regulations on gold import which impacted the industry, it

not only curbed gold liquidity but increased gold sourcing cost

for jewelers. We believe that as the economy improves, RBI

will soften gold regulations which will benefit the entire

industry. India's affinity with gold:

Indian consumers' affection with gold is known since ages, it

is considered to be one of the safest modes of investment

and has emotional quotient attached to it. People prefer gold

due to its easy liquidity and steady returns. Traditionally we,

Indians celebrate every achievement with gold and purchase

gold on auspicious occasion like Diwali, Akshya Tritiya and

Dussehra.

VALUATIONANDRECOMMENDATION:-At CMP of Rs. 198 the stock is trading at 18.1x FY15E earnings of

Rs. 10.9 and 11.5x FY16E earnings of Rs. 17.2. Looking at its strong

brand name and clear focus on profitable expansion, we expect

the company to trade at a premium to other regional jewellers.

We recommend buying the stock at every decline with price target

of Rs. 258 based on a target P/E of 15x for FY16E.

Promoters

74%

FII

15%

Public &

Others

11%

40

50

60

70

80

90

100

110

120

130

140

TBZ Sensex


2/15


Dim


Ltd.


DETAILEDINVESTMENTARGUMENT: -

Strong operational performance:

In the last 5 years revenue has increased by 22.2% CAGR while PAT has increased by 39% during the

same period. The company has increased their retail space to 88093 sq ft at the end of FY14 and no.

of stores to 27 from 14 in FY11. The company has also benefited due to increase in gold prices and

higher contribution from diamond / studded jewellery.

As RBI has eased some curbs on import of gold, we expect the company to open 30 new stores till

FY17 and increase their retail space to 150000 sq ft. We expect company to source 30-50% of gold

requirement through metal loans which will reduce their interest cost burden and lead to higher

profit growth. We expect revenue to grow at 23.5% CAGR for FY15 - FY17 period while PAT to grow at

41% CAGR during the same period.

Reason for subdued performance in FY14:

We believe that government regulations on gold import, limited gold sourcing through metal loan

and negative consumer sentiment badly impacted company's financials. The company was able to

open only 2 stores during the year. Despite of 10% top line growth, increase in raw material prices led

to reduction in operating margins by 190 bps to 7.3%. The interest cost increased by 86% to Rs. 46.5

crores against Rs. 25 crores in FY13 mainly due to increase in inventory.

Earlier the company had guided for total 57 stores by FY15E, which it deferred due to weak consumerdemand and government regulations. RBI has partially relaxed some gold import regulations on 21st

May 2014, we believe this will kick start the expansion plan. We expect company to add 30 new stores

by FY17 which will increase total retail space to around 150000 sq ft from the current 88000 sq ft.

Higher contribution from diamond / studded jewellery wi ll increase the margins:

The gross margins (sales - raw material cost) for gold jewellery are ~10-12%, while for diamond it is

~33-35%. The current revenue mix for gold and diamond jewellery is ~ 77% and ~21% respectively

which has come down from 72% and 25% in FY12. Diamond jewellery demand is directly correlated

with consumer sentiments. Negative sentiments in last two years have lowered the growth in diamond

jewellery segment.

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

0

500

10001500

2000

2500

3000

3500

4000

FY11 FY12 FY13 FY14 FY15E FY16E FY17E

Revenue EBIDTA PAT Interest

0

10

20

30

40

50

60

0

20000

40000

60000

80000

100000

120000

140000

160000

FY11 FY12 FY13 FY14 FY15EFY16EFY17E

Total Retail Space No. of store


3/15


Dim


Ltd.


Given the current situation we estimate diamond jewellery contribution to improve by 1% y-o-y by FY17 to

25% of the total revenue. We expect the sentiment to improve resulting into higher than expected growth

in the diamond segment. With change in the revenue mix the overall operating margin will improve which

can further boost the bottom line of the company.

Recent RBI notification indicates better time ahead:

The domestic jewellery market passed through a difficult phase because of the series of government

regulations in the past. Gold is the second largest product imported into India after petroleum; in order to

restrict gold imports government had taken many steps in the past. Summary of government's action is

shown in following diagram.

India's current account deficit (CAD) increased to 4.8% of GDP in FY13; to reduce it government initiated

above mentioned policy action to restrict gold imports. Because of these measures gold procurement was

a major issue for the industry which led to 8-10% price premium for gold procurement.

Recently RBI allowed more agencies to import gold under 80/20 principle which will improve the gold

liquidity in the market. It has also allowed gold metal loan (earlier it was limited to PSU banks) and gold

procurement on credit basis. We believe that these are early indications of further softening of regulations;

the softening will lead to better availability of gold at a competitive rate and also help reduce the companies'

working capital requirement.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%60.0%

70.0%

80.0%

90.0%

FY11 FY12 FY13 FY14 FY15E FY16E FY17E

Gold Diamond Others % of sales


4/15


Dim


Ltd.


Changing business environment may benefit organized companies: -

Government regulations

Apart from consumer sentiments and economic conditions, domestic industry is affected by government

regulations. We believe that organized players are better placed compared to small players owing to:1. Based on their balance sheet size they have higher negotiation power with respective agencies / banks.

It helps them in gold procurement at competitive rates and lowers cost of debt.

2. One of the regulation favoring export oriented companies helped these company in gold procurement

under 80/20 rule

3. Established players can attract customers through various schemes like gold buyback schemes, free

installment scheme (can ease their working capital needs) etc.,

Gold sourcing - key in volatile market:

Jewellers typically purchase gold through spot mechanism (prevalent market price) funded with cash credit

or under the metal loan scheme (also known as gold lease) where the rate is fixed within a specified time

window (up to 180 days).

Based on their expectations of gold price movement, jewellers change their gold sourcing mix. Spot purchase

helped the jewellers when gold prices were moving up, but in current volatile market they prefer metal

loan scheme to hedge against the price volatility and control their working capital needs. The above

mentioned regulatory intervention has left jewellers with limited choice and has increased their gold sourcing

cost.

Change in consumer preference

Organized retailing is becoming popular in India mainly due to increase in per capita income and

demographic changes. Despite initial apprehensions organized players are gaining ground; people prefer

them due to extensive choice, competitive rates, shopping experience and quality assurance associated

with the brand. Similar trend is also expected in jewellery industry where people will prefer organized

players over family jewellers in coming future.

We believe that following trend will benefit organized players in the long run:

India is expected to be the world's most populous country by 2030 and will become the largest contributor

to the global workforce.

The middle class in India is expected to be 41% of total population by 2025 and rising aspirations will

drive consumption demand.

As per IMF estimates, India's GDP per capita is expected at USD 2201 by 2016 from current USD 1516.

There is a multiplier effect on consumption as GDP per capita increases above USD 1000.


5/15


Dim


Ltd.


Quality assurance

In jewellery industry gold with hallmark, diamond certificate and buyback assurance are important factors

in the buying decision. We believe organized companies are better placed compared to small family owned

shops. The awareness campaigns by organized companies will also push the revenue.

Titan has come out with Karatmeter, a scientific device to give exact reading of the purity of gold

Kalyan jewellers initiated campaigns for jewellery with price tag, which offers more transparency for

making charges and wastages.

Diamond jewellery pushes organized jewellery demand:

Purchase of diamond jewellery is comparatively complex over gold jewellery; it requires the knowledge of

4Cs of diamond jewellery - colour, clarity, cut and carat. Organized retail has provided a platform to Indian

Jewellers to educate consumers about diamond jewellery. Furthermore, the introduction of certified

diamonds has increased the confidence.

Diamond jewellery sales are stronger in the larger and wealthier cities and decline significantly in rural

India as gold is extremely dominant in those areas. We believe that urbanization will further push thedemand for diamond jewellery.

India's affinity with gold:

Indian consumers' affection with gold is known since ages, it is considered to be one of the safest modes of

investment and has emotional quotient attached to it. People prefer gold due to its easy liquidity and steady

returns. Traditionally we Indians celebrate every achievement with gold purchase; like marriage, engagement,

child birth, anniversaries, personal achievement, etc. Gold is bought on auspicious occasion like Diwali, Akshya

Tritiya and Dussehra. In rural India, farmers typically purchase gold jewellery after every successful harvesting

season as it is the best form of investment for them.

Apart from consumption led demand, we have strong investment led demand to drive the market. Theconsumption led demand is led by gold and studded jewellery for specific wear occasions and requires innovative

designs / new collection.


6/15


Dim


Ltd.


Investment demand comprises of jewellery, coins and bars; it is driven by following factors:

Ease of investment - no complexity and proven history

Flexibility to invest in small volumes and high liquidity

Perceived as effective hedge against inflation

It is an alternate investment in tier 2 cities and rural India in absence of other financial investments.

Summary of consumption demand for different segments:


7/15


Dim


Ltd.


Industry growth is highly correlated to GDP growth, which implies that irrespective of prices individuals

tend to purchase based on total price of jewellery, if price is higher they wil l reduce grammage or carats of

gold in jewellery. World Gold council estimates the domestic gems and jewellery consumption demand to

reach INR 500,000-535,000 Cr by 2018, from INR 240,000 Cr in 2012. In addition, the investment demand

in the form of bars and coins could potentially reach INR 180,000-190,000 Cr by 2018 on the assumption

that gold imports are allowed freely. The improvement in GDP growth will additionally push the demand.


8/15


Dim


Ltd.


COMPANYBACKGROUND: -

Tribhovandas Bhimji Zaveri (TBZ) is a 150 year old jewellery retailer with presence in 17 cities and 8 states

across India. The company primarily focuses on gold and diamond / studded jewellery. It is among the

most trusted brand in domestic jewellery industry. As on March 14 total retail space for 27 stores stood at~88000 sq. ft., gold jewellery contributes around 77% of total revenue while diamond jewellery contributes

21% of total revenue. Approximately 65% of sales are contributed by wedding and wedding related products.

The company came out with IPO in April 2012 primarily to fund expansion plans, which were stalled by

slow consumer demand and government regulations.

TBZ's presence in various s tates.

State City Stores Area (Sq Ft.)

Maharashtra Mumbai 8 25100

Pune 1 3059

Nagpur 1 2624

Aurangabad 1 4789

Andhra Pradesh Hyderabad 3 9113

Gujarat Surat 1 2790

Ahmedabad 1 4925

Rajkot 1 3250

Vadodara 1 3750

Vapi 1 2158

Bhavnagar 1 2400

Gandhidham 1 2100

West Bengal Kolkata 2 8200

Rajasthan Udaipur 1 3625

Kerala Cochin 1 3250

Madhya Pradesh Indore 1 4025

Chhattisgarh Raipur 1 2935

Total 27 88093


9/15


Dim


Ltd.


FINANCIAL OVERVIEW:

Barring FY14 the company has shown impressive growth in last 5 years, revenue grew by 30.4% CAGR for FY

08 - FY 13 period while PAT increased by 62% CAGR during the same period. Total retail space also increased

by ~61000 sqft since FY 08.

As mentioned previously FY 14 was a difficult year for the company, going ahead we expect 23.5% CAGR

growth in sales and 41% CAGR growth in net profit. We believe that enhancement in consumer sentiments

will improve the inventory turnover which wi ll help company to improve its operating cash flow. We expect

return ratios to improve from current level.


10/15


Dim


Ltd.


OUTLOOKANDVALUATION:-

At CMP of Rs. 198 the stock is trading at 18.1x FY15E earnings of Rs. 10.9 and 11.5x FY16E earnings of

Rs. 17.2. Looking at its strong brand name and clear focus on profitable expansion, we expect the company

to trade at a premium to other regional jewellers. We recommend buying the stock at every decline withprice target of Rs. 258 based on a target P/E of 15x for FY16E.

POSSIBLETRIGGERS:-

Improvement in economic condition and reducing CAD will result in less government regulations. It

will smoothen gold supply and wi ll reduce the gold price premium.

Change in 80/20 principle will ease gold import and banks can lend more gold under metal loan scheme

which will reduce procurement cost for jewellers.

Post easing of government regulations, gold price should come down in sync with global prices which

will lead to volume growth in domestic market.

RISK& CONCERNS:-

Adverse change in government regulations.

Regional and family jewellers, entry of foreign companies and online sales may give stiff competition

to branded players. The competition may lead to reduction in operating margins.

Gold & diamond jewellery decision is influenced by regional culture and traditions. Strong cultural

difference may restrict growth beyond particular geography; success in one region does not assure

similar success in other region.

Suitable location at reasonable rate is the biggest concern for domestic retail industry. Rent expense

as % of sales is highest in India compared to other countries.

The gold inventory (excluding inventory on metal loan) carries risk of mark to market loss as gold

price has come down compared to its initial procured prices.


11/15


Dim


Ltd.


SWOT ANALYSIS:-

Strengths:

Strong brand name with operation history of 150 years

Periodic new collection by a team of in-house designers

Weakness:

Limited avenues to adopt with gold lease model compared to Titan and PC Jewellers.

Reduction in inventory turnover due to economic condition.

Because of high currency fluctuation and taxes on imported gold, hedging has become unviable for

jewellers / banks / agencies.

Opportunity:

Huge market with 75-80% controlled by unorganized players, 15-18% by regional players and balance

by national players. Organized companies are expected to grow above 13-15% vs. 6-8% for industry.

Changing demographics will encourage higher demand for branded products which provides massive

opportunity for organized companies

Threat:

Brand dilution:5 other entities are using TBZ brand, in last few years the company is trying to distinguish

itself from others. It has started branding itself as "TBZ the original".

Change in government regulations: Government regulations will directly impact company's operations

and their expansion plans.

Consumer demand and preference will impact the performance of the new stores in new geographies.

It may impact the overall financials of the company.


12/15


Dim


Ltd.


INDUSTRYOVERVIEW:-The two major segments of Indian gems and jewellery are 1) gold jewellery and 2) gems studded jewellery.

Gold jewellery forms 75-80% of total market where as balance comprising of studded jewellery which

includes diamond and gemstone jewellery. The domestic market is estimated at USD 32 bn in 2013 which is

expected to be USD 43 bn by 2017. The industry consumes nearly 800 tonnes of gold which is 20% of world

gold consumption; approximately 600 tonnes of gold goes into making of jewellery.

The domestic market is highly fragmented with ~80% of players in unorganized segment (mostly family run

outlets that is growing at 4-5% per annum. The organized market is growing at 15-20%, faster than industry

growth due to changing trends and lifestyle. As of now majority of revenue for organized companies is

contributed from particular geographies; Thangmayli, Kalyan jewellers, Joy Alukkas, Malabar etc., have

strong presence in South India. PC Jewellers is strong in North India whereas TBZ is strong in West India.

Titan has nationwide presence followed by Gitanjali gems.

Key differentiating factors between Organized and unorganized / traditional jewellers

The domestic market is also characterized by regional preference; South region contributes highest for

gold jewellery whereas North contributes highest for diamond jewellery. Traditions with per capita income

play a pivotal role in consumer preferences; difference in consumption behavior leads to dominance of

local and regional players.

ORGANIZED JEWELLER TRADITIONAL JEWELLER

Brand based trust Build in trust due to long association

Variety of design / periodic new collection Better exchange deals

Quality (purity assurance) Credit facility

Enhance shopping experience Personalized service / offerings

Better transparency

Key success factors for branded jewellery companies:

Consumer trust in brands:The confidence of consumer with brands and loyalty will determine long

term prospects of the company.

Inventory management:Based on companies operational size it has to maintain adequate inventory to

cater the customers requirement. Jewellery being a high value item, results in working capital intensive

companies. So effective conversion of inventory into sales (cash) is the key to maintain their working

capital requirements.


13/15


Dim


Ltd.


FINANCIALSUMMARY: - Amount (`in Cr.)

INCOME STATEMENT FY12 FY13 FY14 FY15E FY16E

Net Sales 1,385.5 1,658.3 1,824.3 1,996.7 2,658.6

Growth (%) 16.0% 19.7% 10.0% 9.5% 33.1%

RM Expenses 1,127.9 1,343.7 1,500.0 1,646.6 2,195.7

Other Expenses 132.9 162.5 190.3 200.2 263.3

EBITDA 124.7 152.1 134.0 149.9 199.6

Growth (%) 40.5% 22.0% -11.9% 11.9% 33.1%

EBITDA Margin (%) 9.0% 9.2% 7.3% 7.5% 7.5%

Depreciation 5.5 8.3 10.3 10.8 13.1

Other Income 0.5 4.8 5.5 5.0 6.3

EBIT 119.7 148.6 129.2 144.1 192.7

Interest 32.6 24.9 46.4 33.9 19.1

Profit Before Tax 87.1 123.7 82.9 110.2 173.6

Tax 29.9 39.2 27.8 37.3 58.8

Profit After Tax 57.2 84.5 55.0 72.8 114.7

Growth (%) 46.8% 47.7% -34.9% 32.3% 57.6%

EPS 11.4 12.7 8.2 10.9 17.2

Amount (`in Cr.)

BALANCE SHEET FY12 FY13 FY14 FY15E FY16E

Assets

Cash & Bank 6 33 74 51 116

Debtors 3 2 3 5 7

Inventory 502 1,026 1,111 1,011 1,120

Loans & Advances 2 10 9 10 13

Other non-current assets 9 11 12 12 12

Other current Assets 5 3 2 6 8

Gross Fixed Asset 68 115 132 157 193

Less: Accumulated Depreciation 17 25 36 46 60

Add: Capital WIP 1 2 2 2 2

Net Fixed Asset 52 92 98 112 136

Total Assets 580 1,175 1,309 1,208 1,412

Liabilities

Share Capital 50 67 67 67 67

Share Warrants Outstanding 1 1 - - -

Reserves & Surplus 109 343 381 436 524

Share Holders'Fund 160 410 447 503 591

Loan Funds 204 414 563 297 220

Minority Interest - - - - -

Current Liabilities 194 324 278 381 560

Provisions 26 33 27 33 48

Net Deffered Tax (4) (6) (7) (7) (7)

Total Liabilities 580 1,175 1,309 1,208 1,412


14/15


Dim


Ltd.


Amount (`in Cr.)

CASH FLOW FY12 FY13 FY14 FY15E FY16E

PBT 87.1 123.7 82.9 110.2 173.6

Depreciation 5.5 8.3 10.3 10.8 13.1

Interest Paid 31.5 21.6 46.4 33.9 19.1

Chg in debtors & Other Assets 4.0 (6.4) (1.0) (7.2) (7.1)

Chg in inventory (76.5) (523.6) (85.1) 100.0 (109.2)

Chg in payables & current liabilities 15.2 123.1 (51.6) 109.3 193.0

Others 0.5 (3.4) - - -

Tax Paid (28.8) (46.3) (27.8) (37.3) (58.8)

Cash flow from operating activities 38.5 (303.1) (26.0) 319.7 223.6

Capital expenditure (7.4) (45.9) (17.1) (25.1) (36.3)

Chg in Cap. WIP - - - - -

Purchase of Investments 0.6 (18.3) - - -

Interest Income 0.4 2.7 - - -

Others 0.5 0.0 - - -

Cash flow from investing activities (5.9) (61.5) (17.1) (25.1) (36.3)

Proceeds from Borrowings (3.2) 210.2 149.4 (266.0) (77.0)

Interest Paid (31.5) (21.6) (46.4) (33.9) (19.1)

Dividend & Dividend Tax - - (17.5) (17.0) (26.8)

Proceeds from Issue of Equity Share Capital - - - - -

Others - 183.6 - - -

Cash flow from financing activities (34.7) 372.3 85.5 (317.0) (123.0)

Cash & Cash Equivalents (2.0) 7.7 42.4 (22.4) 64.4

Cash at the Beginning 9.1 6.4 32.6 73.9 51.4

Cash at the end 7.1 14.1 75.0 51.4 115.8


15/15

Dim


Ltd.


DISCLAIMER: -This report is based on information obtained from sources believed to be reliable. We do not undertake any representation or warranty as to its accuracy, completeness, orcorrectness. Opinions expressed are subject to change without any notice. Any recommendation contained in the report does not have regard to the specific investment objectives,financial situation, and the particular needs of any specific addressee. This report is only for the information of the addressee and is not to be taken in substitution for the exercise ofjudgment by the addressee, who may obtain separate legal and financial advice. Dimensional Securities Pvt. Ltd. accepts no liability whatsoever for any direct or consequential lossarising from any use of this report or further communication given in relation to the report. The document is not an offer or a solicitation of an offer to buy or sell any securities.Dimensional Securities Pvt. Ltd. and its associates, their directors, and/or employees may have positions in, and may effect transaction in securities mentioned herein and mayperform or seek to perform broking, investment banking and other banking.

Strictly for Private Circulation only.

PROFITABILITY, PRODUCTIVITY, LIQUIDITY & VALUATION RATIO

EARNING & VALUATION FY12 FY13 FY14 FY15E FY16E

Book Value 32.0 61.5 67.1 75.4 88.6

EPS 11.4 12.7 8.2 10.9 17.2

CEPS 12.5 13.9 9.8 12.5 19.2

P/E 9.7 18.1 15.9 18.1 11.5

P/BV 3.5 3.7 2.0 2.6 2.2

Market Cap / Net Sales 0.4 0.9 0.5 0.7 0.5

EV / EBITDA 6.0 12.6 10.2 10.4 7.1

EV / Net Sales 0.5 1.2 0.7 0.8 0.5

DPS 1.0 2.2 2.3 2.2 3.4

TURNOVER RATIO

Net Sales / Total Asset 2.4 1.4 1.4 1.7 1.9

Net Sales / Net FA 26.8 18.1 18.6 17.8 19.6

Receivable Days 0.8 0.4 0.6 1.0 1.0

Payable Days 26.6 44.2 18.1 35.0 35.0

Inventory Days 153.2 264.4 255.0 211.8 176.2

Current ratio 1.2 1.4 1.4 1.6 1.6

PROFITABILITY RATIO

EBITDA % 9.0% 9.2% 7.3% 7.5% 7.5%

PBIT % 8.6% 9.0% 7.1% 7.2% 7.2%

PBT % 6.3% 7.5% 4.5% 5.5% 6.5%

Tax / PBT 34.3% 31.7% 33.6% 33.9% 33.9%

Net Profit % 4.1% 5.1% 3.0% 3.6% 4.3%

RoE 35.8% 20.6% 12.3% 14.5% 19.4%

tribhovandas bhimji zaveri (tbz)

Documents