Tribhovandas Bhimji Zaveri Ltd

The Indian economy has demonstrated remarkable resilience and growth despite external shocks, fuelled by strong consumer demand and supportive government policies.

I am pleased to present to you the Annual Report for the financial year 2024-25 and sharing the key developments and progress made during the year by your Company.

While the global economy dealt with significant challenges resulting in steady yet subdued growth, the emerging and developing economies demonstrated resilience, accounting for approximately 45% of the global GDP. India, meanwhile, retained its position as the fastest growing economy, growing by 6.4% in the year under review. A key contributor to this was the Indian gem and jewellery market. Accounting for nearly 6-7% of the country's GDP and swelling by an impressive CAGR of 8.93%, the industry is recognised as a global hub for the jewellery market due to its cost-effective production and highly skilled workforce. A rich cultural heritage where jewellery holds deep, social and emotional significance, growing wedding sector and celebrations, rising disposable incomes, evolving consumer preferences and gold's significance as a safe-haven asset are amongst the innumerable factors contributing to this growth.

Backed by a legacy of 160+ years and strengthened by a stunning collection of jewellery across multiple themes and price points, we offer countless designs for every celebration and every generation. Our multi-generational clientele serves as our guiding light, enabling us to understand and navigate the dynamic market landscape with confidence and clarity. A team of skilled craftsmen, along with our robust in-house manufacturing facility, strengthen us further, helping us to execute our design vision and achieve operational efficiency. By blending tradition with contemporary designs, combined with our relentless focus on innovation and quality, the brand continues to meet consumer expectations, build lasting trust and reinforce its market leadership.

Your Company delivered consistent revenue growth and profitability in FY 2024-25, indicative of our ability to eficiently engage with the customers and closely align with their needs. Our Total Operating Income surged by 14% and reached fi 2,620 crore. EBITDA witnessed a significant 27% YoY jump, reaching Rs. 176 crore and underscoring our operational strength while our PAT grew impressively by 34% YoY to Rs. 72 crore.

TBZ - The Original's robust balance sheet, lowering debt levels and strong cash position lay a solid foundation for its continued progress as India gears up for the next phase of growth.

The year was marked by three new store openings, expanding our reach geographically and empowering our vision to deliver a first-class in-store experience to our consumers, where they can explore and choose from a plethora of jewellery options, guided by our skilled and competent team. The stores in Rourkela and Bhubaneswar marked our entry into the culturally-rich state of Odisha and expanded our presence in Eastern India while a new franchise store in Jaipur paved our way into the pink city, enabling us to showcase our signature collection to passionate jewellery enthusiasts.

The store openings were complemented by our digital and marketing initiatives, which forged an emotional bond and resonated with the consumers during their big and small moments in life, through localised campaigns and personalised offers. While campaigns like Shaadi Matlab TBZ and Tyohaar Matlab TBZ reinforced our leadership in the festive, wedding and bridal jewellery segment, the Akshaya Tritiya Campaign struck a chord with our consumer sentiment during the New Year. Our yearly signature IP for promoting Diamonds as a category was highly anticipated and well received again with our Diamond No Making (DNM) Festival.

We also unveiled our new campaign with Brand ambassador Sara Ali Khan, for the festive season. The campaign was met with a positive response and heavily promoted across all ATL, in store and Digital platforms. During the year, we garnered 20.2 million organic social media impressions, 647.5K engagements and our follower base grew to 25.42%.

Additionally, our digital marketing outreach delivered a total of 223.14 million impressions. Our strong engagement initiatives and omni-channel approach proved vital in acquiring new customers and retaining existing ones. Our Company gained approximately 45%-50% new customers and retained around 45% of the active consumer base.

The Indian jewellery industry is witnessing a transformative shift as the younger generation, in particular, now prefer functional, stylish and lightweight jewellery over the traditional ones. Keeping pace with this evolution, we introduced a new range of collection.

At TBZ - The Original, empowering our women and our communities through responsible social action is equally crucial. Aligned with this, we organise and participate in various education, health and awareness campaigns, providing our women with the resources and opportunities to live a better life and uplift their families. Project Pankhi, Crisis Intervention Centre and Ek Disha are only a few of the many initiatives which help us to contribute towards a better, more educated and a fair and equitable society. During the year, we supported 17,030 beneficiaries through Rs. 99,31,801 CSR spending.

As we close this year and step into the next, we are filled with hope and optimism and ready to accelerate our growth, supported by a robust Indian economy and the momentum in its gems and jewellery industry. Driven by factors like increased rural demand, a high volume of weddings and potential reductions in gold import duties, the gems and jewellery market demonstrates a strong growth trajectory, estimated to touch USD 168.62 billion by 2030. The industry is also witnessing a consistent rise in the number of organised players who are elevating it through their innovative designs and quality finish.

As torchbearers of quality, creativity and authenticity and the first in India to introduce 100% BIS-hallmarked 22-karat gold jewellery and certified solitaire diamonds, we are poised to push the boundaries and capitalise on this massive growth opportunity.

I take this opportunity to thank our craftsmen and employees, integral pillars of our steadfast growth and success. Your exceptional skills and continued dedication enable us to aim high and make significant strides in our journey. My heartfelt gratitude to our investors, shareholders, partners and all other stakeholders for your sustained trust and support. We pledge to create enduring value and deliver uncompromising excellence in all that we do.

Warm Regards,

Chairman & Managing Director