BSE: 534369 | NSE: TBZ | Diamond & Jewellery | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Tribhovandas Bhimji Zaveri Ltd is a average quality company.
The key valuation ratios of Tribhovandas Bhimji Zaveri Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Tribhovandas Bhimji Zaveri Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.2% | 3.3% | 6.4% | 7.5% | 7.2% | 8.5% | 11.6% | 6.9% | 10.1% | 11.8% | - |
| Value Creation Index ⓘ | -0.4 | -0.8 | -0.5 | -0.5 | -0.5 | -0.4 | -0.2 | -0.5 | -0.3 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,934 | 1,655 | 1,690 | 1,751 | 1,764 | 1,810 | 1,342 | 1,844 | 2,394 | 2,299 | 2,411 |
| Sales YoY Gr. | - | -14.5% | 2.1% | 3.6% | 0.7% | 2.6% | -25.9% | 37.4% | 29.8% | -4% | - |
| Adj EPS ⓘ | 2.6 | -3.1 | 2 | 3.2 | 2.4 | 3.4 | 6.5 | 3 | 6 | 8.1 | 9.5 |
| YoY Gr. | - | -220.3% | NA | 64.1% | -26.6% | 44.7% | 90.3% | -53.2% | 98.7% | 35.1% | - |
| BVPS (₹) ⓘ | 69.5 | 65.4 | 68.3 | 71.4 | 72.5 | 72 | 78.4 | 79.1 | 84 | 90.1 | 92.6 |
| Adj Net Profit ⓘ | 17.1 | -20.6 | 13 | 21.3 | 15.7 | 22.7 | 43.2 | 20.2 | 40.2 | 54.2 | 63 |
| Cash Flow from Ops. ⓘ | 14.8 | 14.1 | 153 | 41.5 | 32.4 | 149 | 231 | -66.2 | 93.2 | 39.7 | - |
| Debt/CF from Ops. ⓘ | 39.7 | 46 | 3.6 | 13.7 | 18.7 | 3.7 | 1.6 | -7.7 | 5.2 | 13.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 1.9% | 5.4% | 19.7% | -4% | ||||
| Adj EPS ⓘ | 13.7% | 28.2% | 7.9% | 35.1% | ||||
| BVPSⓘ | 2.9% | 4.5% | 4.8% | 7.3% | ||||
| Share Price | 4.2% | 43.3% | 40.2% | 82.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 3.8 | -4.6 | 2.9 | 4.6 | 3.3 | 4.7 | 8.6 | 3.9 | 7.4 | 9.3 | 10.3 |
| Op. Profit Mgn % ⓘ | 4.2 | 3.2 | 4.3 | 4.5 | 4.7 | 6.6 | 9.4 | 4.4 | 5.2 | 6.3 | 6.4 |
| Net Profit Mgn % ⓘ | 0.9 | -1.2 | 0.8 | 1.2 | 0.9 | 1.3 | 3.2 | 1.1 | 1.7 | 2.4 | 2.6 |
| Debt to Equity ⓘ | 1.3 | 1.5 | 1.2 | 1.2 | 1.3 | 1.1 | 0.7 | 1 | 0.9 | 0.9 | 0 |
| Working Cap Days ⓘ | 234 | 278 | 249 | 212 | 242 | 257 | 322 | 234 | 200 | 210 | 119 |
| Cash Conv. Cycle ⓘ | 191 | 223 | 211 | 186 | 200 | 197 | 240 | 185 | 153 | 166 | 44 |
Return on Equity has increased versus last 3 years average to 10.30%
Sales growth is growing at healthy rate in last 3 years 19.65%
Debt to equity has declined versus last 3 years average to 0.89
Net Profit has been subdued in last 3 years 7.91%
Sales growth is not so good in last 4 quarters at 5.67%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 9.8 | 9.5 |
| TTM Sales (₹ Cr.) | 2,411 | 2,411 |
| BVPS (₹.) ⓘ | 94 | 92.6 |
| Reserves (₹ Cr.) ⓘ | 561 | 551 |
| P/BV ⓘ | 2.49 | 2.53 |
| PE ⓘ | 23.98 | 24.77 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 93.60 / 360.35 |
| All Time Low / High (₹) | 16.50 / 360.35 |
| Market Cap (₹ Cr.) | 1,562 |
| Equity (₹ Cr.) | 66.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 83.9 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,934 | 1,655 | 1,690 | 1,751 | 1,764 | 1,810 | 1,342 | 1,844 | 2,394 | 2,299 |
| Operating Expenses ⓘ | 1,854 | 1,612 | 1,617 | 1,672 | 1,681 | 1,692 | 1,216 | 1,762 | 2,269 | 2,153 |
| Manufacturing Costs | 23 | 22 | 25 | 101 | 115 | 94 | 27 | 51 | 48 | 42 |
| Material Costs | 1,654 | 1,406 | 1,438 | 1,409 | 1,404 | 1,469 | 1,102 | 1,594 | 2,081 | 1,959 |
| Employee Cost | 62 | 72 | 80 | 78 | 78 | 81 | 58 | 67 | 74 | 86 |
| Other Costs ⓘ | 115 | 113 | 75 | 83 | 84 | 48 | 29 | 50 | 66 | 66 |
| Operating Profit ⓘ | 80 | 42 | 73 | 79 | 82 | 118 | 126 | 82 | 124 | 146 |
| Operating Profit Margin (%) | 4.2% | 2.6% | 4.3% | 4.5% | 4.7% | 6.5% | 9.4% | 4.4% | 5.2% | 6.3% |
| Other Income ⓘ | 13 | 4 | 3 | 6 | 4 | 4 | 12 | 8 | 5 | 6 |
| Interest ⓘ | 57 | 61 | 55 | 44 | 53 | 62 | 52 | 41 | 53 | 57 |
| Depreciation ⓘ | 9 | 10 | 9 | 9 | 10 | 32 | 27 | 23 | 24 | 24 |
| Exceptional Items ⓘ | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 38 | -26 | 12 | 32 | 23 | 28 | 60 | 26 | 52 | 72 |
| Tax ⓘ | 13 | 2 | -1 | 11 | 8 | 7 | 17 | 6 | 12 | 17 |
| Profit After Tax | 24 | -28 | 13 | 21 | 16 | 21 | 43 | 20 | 40 | 54 |
| PAT Margin (%) | 1.3% | -1.7% | 0.8% | 1.2% | 0.9% | 1.2% | 3.2% | 1.1% | 1.7% | 2.4% |
| Adjusted EPS (₹) | 3.6 | -4.1 | 1.9 | 3.2 | 2.3 | 3.2 | 6.5 | 3.0 | 6.0 | 8.2 |
| Dividend Payout Ratio (%) | 27% | 0% | 0% | 24% | 32% | 31% | 39% | 33% | 29% | 21% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 463 | 436 | 456 | 477 | 484 | 481 | 523 | 528 | 560 | 602 |
| Share Capital ⓘ | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves ⓘ | 397 | 369 | 389 | 410 | 417 | 414 | 456 | 461 | 494 | 535 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 584 | 646 | 549 | 569 | 605 | 548 | 352 | 507 | 486 | 533 |
| Long Term Debt | 12 | 8 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 1 |
| Short Term Debt | 572 | 638 | 549 | 569 | 605 | 548 | 350 | 507 | 486 | 532 |
| Trade Payables | 109 | 92 | 78 | 92 | 196 | 194 | 140 | 199 | 207 | 109 |
| Others Liabilities ⓘ | 254 | 229 | 111 | 92 | 148 | 266 | 236 | 265 | 277 | 287 |
| Total Liabilities ⓘ | 1,410 | 1,403 | 1,194 | 1,229 | 1,433 | 1,489 | 1,252 | 1,498 | 1,530 | 1,531 |
Fixed Assets | ||||||||||
| Gross Block | 138 | 150 | 111 | 120 | 138 | 232 | 218 | 229 | 257 | 269 |
| Accumulated Depreciation | 31 | 41 | 9 | 17 | 27 | 57 | 78 | 77 | 99 | 119 |
| Net Fixed Assetsⓘ | 108 | 109 | 103 | 103 | 111 | 174 | 140 | 152 | 159 | 151 |
| CWIP ⓘ | 5 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 1,114 | 1,126 | 1,027 | 1,021 | 1,179 | 1,181 | 984 | 1,204 | 1,223 | 1,197 |
| Trade Receivables | 1 | 1 | 2 | 23 | 26 | 3 | 3 | 2 | 2 | 16 |
| Cash Equivalents | 34 | 39 | 32 | 38 | 40 | 41 | 40 | 45 | 46 | 50 |
| Others Assetsⓘ | 149 | 128 | 28 | 44 | 77 | 90 | 84 | 95 | 101 | 117 |
| Total Assets ⓘ | 1,410 | 1,403 | 1,194 | 1,229 | 1,433 | 1,489 | 1,252 | 1,498 | 1,530 | 1,531 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 15 | 14 | 153 | 42 | 32 | 149 | 231 | -66 | 93 | 40 |
| PBT ⓘ | 38 | -26 | 12 | 32 | 23 | 28 | 60 | 26 | 52 | 72 |
| Adjustment ⓘ | 46 | 64 | 59 | 45 | 54 | 88 | 65 | 51 | 66 | 69 |
| Changes in Working Capital ⓘ | -61 | -24 | 81 | -28 | -35 | 44 | 123 | -135 | -17 | -83 |
| Tax Paid ⓘ | -8 | -1 | 1 | -7 | -10 | -12 | -16 | -9 | -8 | -19 |
| Cash Flow From Investing Activity ⓘ | 26 | -11 | 0 | -9 | -21 | -6 | 5 | -2 | -7 | -7 |
| Capex | -13 | -10 | -7 | -9 | -15 | -2 | -1 | -1 | -8 | -9 |
| Net Investments | 33 | -4 | 6 | 0 | -7 | -6 | 5 | -2 | 0 | 0 |
| Others ⓘ | 5 | 2 | 2 | 0 | 1 | 2 | 1 | 1 | 1 | 2 |
| Cash Flow From Financing Activityⓘ | -47 | -1 | -155 | -27 | -16 | -147 | -233 | 71 | -87 | -29 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -5 | -4 | -12 | 0 | 0 | 1 | 25 | -23 | -2 | 0 |
| Interest Paid ⓘ | -50 | -56 | -51 | -40 | -47 | -46 | -39 | -28 | -36 | -41 |
| Dividend Paid ⓘ | -15 | -7 | 0 | 0 | -6 | -14 | 0 | -17 | -7 | -12 |
| Others ⓘ | 22 | 65 | -93 | 13 | 37 | -88 | -219 | 139 | -42 | 24 |
| Net Cash Flow ⓘ | -7 | 1 | -2 | 6 | -4 | -4 | 3 | 2 | 0 | 4 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.34 | -6.12 | 2.9 | 4.56 | 3.24 | 4.44 | 8.62 | 3.84 | 7.39 | 9.37 |
| ROCE (%) | 9.15 | 3.32 | 6.41 | 7.45 | 7.16 | 8.5 | 11.56 | 6.9 | 10.07 | 11.75 |
| Asset Turnover Ratio | 1.38 | 1.18 | 1.31 | 1.52 | 1.35 | 1.24 | 0.97 | 1.34 | 1.58 | 1.51 |
| PAT to CFO Conversion(x) | 0.63 | N/A | 11.77 | 2 | 2 | 7.1 | 5.37 | -3.3 | 2.33 | 0.74 | Working Capital Days |
| Receivable Days | 0 | 0 | 0 | 2 | 5 | 3 | 1 | 0 | 0 | 1 |
| Inventory Days | 210 | 247 | 231 | 203 | 224 | 237 | 297 | 216 | 185 | 192 |
| Payable Days | 21 | 26 | 22 | 22 | 37 | 48 | 55 | 39 | 36 | 29 |
The company’s flagship showroom in Zaveri Bazar, Mumbai was established in 1864. Since 2001, the company has opened several showrooms, including opening seven showrooms between August 2007 and October 2008. All of the company’s showrooms operate under the name of “Tribhovandas Bhimji Zaveriâ€. Late Shri Tribhovandas Bhimji Zaveri expanded the business by opening new showrooms. But it was his grandson, Late Shri Gopaldas Zaveri, who shook up the Indian market by offering customers a full value gold buy-back scheme.
Out of company’s 14 showrooms, 11 are termed as “large format†high street showrooms (carpet area of 3,000 sq. ft. or more) and three are termed as “small format†high street showrooms (carpet area of 1,000-3,000 sq. ft.). Four of company’s showrooms are in Mumbai, Maharashtra; one is in Thane, Maharashtra; one is in Pune, Maharashtra; two are in Hyderabad, Andhra Pradesh; one is in Vijayawada, Andhra Pradesh; one is in Ahmedabad, Gujarat; one is in Surat, Gujarat; one is in Rajkot, Gujarat; one is in Indore, Madhya Pradesh; and one is in Kochi, Kerala.
Further, the company plans to open an additional 43 showrooms (25 large format high street showrooms and 18 small format high street showrooms) by the end of Fiscal 2015, which would give them a total of 57 showrooms (with a total carpet area of approximately 150,000 square feet.) in 43 cities across 14 states.
The company is having branches in:
Product Range
Apart from these, the company also has Wedding, Men's, Temple, Dohra, Surprises, Showstopper and Azvaa collection.
The company is having an exclusive Kalpavruksha Plan through which one can own exquisite 22kt gold, diamond or platinum jewellry through easy installments’.
Awards
2010
Retail Jewellers India Awards - Gold Vivah Jewellery of the Year
2011
Retail Jewellers India Awards - TV Campaign of the Year
IJ Jewellers Choice Awards - Best Necklace Design
IJ Jewellers Choice Awards - Best Bridal Design
IJ Jewellers Choice Awards - Kundan Meena Jewellery Award
2012
National Jewellery Award - Best Advertising Campaign of the Year (Print)
Asia Retail Congress Awards in two categories - i. Best Impactful Retail Design and Visual Merchandising and ii. Innovative Retail Concept of the Year
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