The Indian economy has demonstrated remarkable resilience and growth
despite external shocks, fuelled by strong consumer demand and supportive government
policies.
Dear Shareholders,
I am delighted to present our Annual Report for FY 2023-24, showcasing
our impressive progress in a challenging operating environment. With a steadfast strategy,
we successfully navigated market uncertainties and fluctuating gold prices, achieving
significant increases in margins and profitability while maintaining stable revenue.
INDIAN ECONOMY ON A STRONG FOOTING
The Indian economy has demonstrated remarkable resilience and growth
despite external shocks, fuelled by strong consumer demand and supportive government
policies. In FY 2023-24, India achieved an impressive growth rate of 8.2%, surpassing the
previous year's 7% growth. Recent surveys highlight improved consumer confidence,
reflecting a healthy economic climate and positive outlook for future growth.
Our rich heritage of over 159 years stands as a guiding beacon in the
dynamic Indian jewellery landscape. We are not merely a brand but a legacy, seamlessly
integrating our culture and heritage with the evolving aspirations of our patrons. Our
reputation remains strong with a multi-generational clientele, and we continue to fortify
these pillars of integrity built over the years. Our team's dynamic energy and unmatched
creativity are pivotal in this journey, setting us on a path to meet market expectations
and solidify our position.
DEMONSTRATED EXCEPTIONAL RESILIENCE IN FY 2023-24
FY 2023-24 marked a resilient growth trajectory for us, underscoring
our unwavering commitment to quality, robust margins, and a deep resonance with our
customers' desires. Our Total Operating Income reached Rs. 2,298.94 crore. EBITDA
saw a remarkable growth of 20.18% YoY to Rs. 138.16 crore while our PAT surged by
36.17% YoY to Rs. 54.01 crore.
Our success is attributed to our relentless focus on operational
efficiency and cost efficiency. We have consistently optimised our inventory levels and
supply chain, ensured effective management of working capital, and diversified our product
offerings. Our commitment to innovation and design excellence enables us to produce
exclusive jewellery that delights customers nationwide.
BUILDING ON OUR ICONIC LEGACY WITH MAJOR ACCOMPLISHMENTS
One of the major highlights of the year has been the inauguration of
our new showroom in Vapi, GIDC, Gujarat. This venture aligns with our strategy to expand
our presence in strategic markets, deliver unparalleled craftsmanship, and provide
differentiated value to our customers. Vapi's economic vibrancy and expanding consumer
base make it a promising location for our premium jewellery offerings. We are delighted to
invite our patrons to our new store, which has seen an encouraging start. We continue to
focus on strengthening our presence through new stores and the franchise model.
We are excited to introduce our latest collections, the
"Amaya" Bridal Collection and the "Arya" Gold Collection, with an
increased focus on diamond-studded jewellery to cater to evolving consumer preferences.
These beautiful collections are a testament to our approach, blending our historical
legacy with contemporary design and captivating customers with pieces that are both
elegant and modern. The "Amaya" Bridal Collection features exquisite designs
that celebrate the essence of romance and tradition, crafted to make every bride's special
day truly unforgettable. The "Arya" Gold Collection offers bespoke gold
jewellery that combines classic beauty with contemporary styles, perfect for every
occasion.
Our successful digital and festive campaigns have significantly boosted
customer engagement. Our continued partnership with Sara Ali Khan as the brand ambassador
has enhanced our brand visibility among the younger generation. Additionally, our
well-calibrated marketing initiatives, including successful collaborations with social
media influencers and festive offers such as the tie-up with SBI Card for festive
cashback, have further bolstered our market presence. These campaigns achieved notable
success, garnering 16.8 million video views. Organically, we reached a total audience of
1.35 million, with over 4,96,000 followers on social media platforms. This impressive
reach underscores our effective marketing strategies and our ability to connect with a
broad and diverse audience.
As part of our commitment to innovation and customer satisfaction, we
have significantly expanded our e-commerce footprint, enhancing the online shopping
experience through substantial investments in digital initiatives. By offering convenient
'shop from home' and video call options, we aim to cater to discerning consumer
preferences and drive future growth.
CARING FOR OUR COMMUNITIES
At the heart of our CSR philosophy is the belief that empowering
individuals leads to stronger, more resilient communities. We remain committed to this
vision, continually seeking ways to create a lasting and positive impact on society
through our meaningful interventions. One such notable initiative is Project Panki, which
exemplifies our commitment to improving the lives of women. This project supports various
causes related to women's empowerment, skill development, and healthcare.
OUTLOOK FOR THE FUTURE
The outlook for the jewellery industry remains optimistic. As India
progresses towards becoming a USD 5 trillion economy, we anticipate a steady increase in
income levels and consumer spending. Despite challenges such as inflation and global
uncertainty, demand for jewellery is expected to grow, driven by robust economic growth,
favourable demographics, expanding middle class, and evolving consumer behaviours.
We are well-poised to leverage our enduring brand value and impeccable
reputation to enhance our product portfolio and cater to diverse customer preferences. Our
e-commerce expansion will broaden our customer base and propel sales, capitalising on the
growing trend of online shopping. Concurrently, we are focussed on organic growth through
our existing store network and are judiciously expanding our retail footprint by opening
new stores in strategic locations. With prudent financial management, improved
profitability, and lower debt levels, we are confident of achieving continued growth and
success in India's vibrant market.
WORDS OF APPRECIATION
I extend my heartfelt gratitude to our valued stakeholders for their
continued support and our employees for all their passionate and focussed work. It is
their unwavering trust that has been the cornerstone of our success. Together, we will
continue to uphold the legacy of TBZ - The Original, delivering excellence and value for
all.
Warm Regards,
Shrikant Zaveri
Chairman & Managing Director