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Tribhovandas Bhimji Zaveri Ltd
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Ladies and gentlemen, good day, and welcome to the Tribhovandas Bhimji Zaveri Q3 FY '23 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Sonam Raghuvanshi from Dickenson. Thank you, and over to you, ma'am.
Thank you. Good afternoon, everyone. I welcome you all to the earnings call of Tribhovandas Bhimji Zaveri Limited for Q3 and 9 months FY '23. Today, on this call, the management of TBZ Limited will be represented by Ms. Binaisha Zaveri, Whole-time Director; and Mr. Mukesh Sharma, Chief Financial Officer. Before we start, I would like to remind you that the remarks made today might include forward-looking statements, and actual results may differ materially from those contemplated by the forward-looking statement. Any statements made today on this call are based on our assumptions as on date.Now, I would like to hand over the call to the management. Over to you, Binaisha. Thank you.
Good afternoon, everyone. I welcome you to the Tribhovandas Bhimji Zaveri Limited Earnings Call for Q3 and 9 months FY '23. Thank you for joining us here today. To start with, we are delighted to announce [Technical Difficulty].
[Operator Instructions] Over to you ma'am.
Sorry about that. To start with, we are delighted to announce that this quarter demonstrated solid growth in our financial performance. We saw a 6% revenue growth in Q3 FY '23 and a 37% growth in 9 months FY '23. The company experienced higher footfalls and sales traction in this quarter, backed by rising consumer demand during the festive and wedding season. This accomplishment was achieved despite wide fluctuations in the gold rate and hard-hitting competition leading to aggressive price discounting seen within the industry during festive season.Furthermore, this quarter saw the inauguration of the Lila and Maya collections, which garnered an overwhelming response from customers. The positive traction received from the wedding season affirms the quality of our new design, which was supported by our robust marketing initiatives. During the quarter, we received 80,000 walk-ins with more than 50% of them being new customers. We continue to launch promotional offers like No Making on Diamond Jewelry and Lowest Gold Rate. A new advertising campaign with our Brand Ambassador of Sara Ali Khan also went live in Q3 with 4.1 million views recorded on social media platforms.We are collaborating continuously to create a niche and more relatable content for the younger generation. The company is focusing on deepening our digital engagement with our loyal consumer base through various social media and also offering information on our latest designs, offers and promotional discounts. Looking into Q4 FY '23 and the future, our growth strategy is centered on increasing customer engagement, generating healthy profits, acquiring new customers and penetrating further into promising markets by opening new stores. By doing this, I'm introducing greater operational efficiencies within our business model. We are also committed to driving forward greater brand differentiation through innovation in our design brand sales campaign.I would thank you all for joining us on this call today and now hand over the call to our CFO, Mr. Mukesh Sharma. Thank you.
Thank you, Binaisha. Good afternoon, everyone. I would like to begin with the key highlights for quarter three and 9 months ended of FY '22-'23. I will first read out the quarter numbers and then 9 months number for ease of reference. In quarter three FY '23, revenue numbers achieved is INR812 crores, vis-a-vis INR762 crores in quarter three of FY '22 with a Y-o-Y growth of 6%. In quarter three FY '23, gross profit achieved is INR81 crores as against INR79 crores during the same period last year with a Y-o-Y growth of 2%.In quarter three FY '23, EBITDA achieved is INR43 crores vis-a-vis INR37 crores during the same period last year with a Y-o-Y growth of 17%. The EBITDA in quarter three FY '23 stands at 5.3% as against 4.9% during the same period in last financial year. In quarter three FY '23, profit before tax achieved is INR26.7 crores vis-a-vis INR23.5 crores during the same period last year. The PBT margin percentage in quarter three FY '23 stands at 3.3% as against 3.1% during the same period in last financial year.Now I will read out 9 months performance of the company. In the period ended December 22 of FY '23, revenue number achieved is INR1,929 crores vis-a-vis INR1,412 crores in the same period of FY '22 with a Y-o-Y growth of 37%. The gross profit achieved is INR201 crores vis-a-vis INR152 crores during the same period in last year with a Y-o-Y growth of 32%. The EBITDA achieved is INR85 crores vis-a-vis INR57 crores during the same period last year with Y-o-Y growth of 49%.The EBITDA percent to the revenue stands at 4.4% as against 4% during the same period in last financial year. The PBT achieved is INR38 crores as against INR20 crores during the same period in last financial year. The PBT margin percentage achieved is 2% as against 1.4% during the same period in last financial year.I would now like to invite everyone for Q&A session.
[Operator Instructions] The first question is from the line of [ Raj ] from [ Arjav Partners ].
Yes. I wanted to know how your FY '24 is going to look like?
We are very bullish on FY '24 number as well. The work budgeting exercise is currently on, and we are looking forward minimum 25% to 30% growth in the revenue numbers.
That's -- alright, right. And how about the number of stores you're planning to launch?
Number of stores; currently, we are at 32 stores. The work is on. We have not yet firmed out on the number of stores, but hopefully, we will see the increase in number of stores as well.
Have a good day.
[Operator Instructions] The next question is from the line of [ Neha Sharma ], an Individual Investor.
Hello. Good afternoon, everyone.
Good afternoon.
Congratulations on the results, first. Okay. So my question was somewhat related to this only. So I just wanted to understand what [indiscernible] regards to expanding the number of franchises and going forward in FY '24?
Yeah. So we have currently three franchisees, which are operating. And we have got more than 15 franchisee request to us. A lot of people are showing interest to open TBZ stores. And we are carefully evaluating the market as well as the franchisee strength. The numbers is not yet firmed out. We will -- maybe we'll be able to discuss that later, but we are hopeful to increase the business through franchisee route.
[Operator Instructions] The next question is from the line of [ Gunit Singh ] from CCIPL.
You mentioned that you're expecting a growth of about 20% to 30% for financial year '24. So I just want to understand how you're coming up with such projections? And what are your plans to reach this, given that there is not much clarity on how many stores or whether the stores are opening in the next year or not. So I just want to understand what will drive this growth.
Yeah. So as I said, the work is on. We have got a lot of franchisee interest who is showing interest in opening the new stores. Since we have not yet decided what the budgeting work is on and the prima face number in the budget is around 25% to 30% growth we are looking at. So this includes both organic and inorganic growth put together.
Okay. So major growth would be from new stores as well as the franchise that are coming up, alright. Thank you.
The next question is from the line of [ Saloni Davyashree ] from [ Valke Investments ].
My question is there is a lot of noise around the market that the wedding season has shifted from quarter three to quarter four. So can you just give some light on how much quarter three and how are you seeing quarter four as of now?
Yeah. So see, in the jewelry industry, wedding and related [indiscernible] occasion buy is always high. As an industry, we always see more than 60% sales contribution is through the wedding and related -- occasion-related buys. Quarter three has always been a wedding season and some months of quarter four are also a wedding season, and there's a huge contribution of the wedding and related buy occasion-related buys are always there across jewelry industry. And in case of TBZ, we are among the top jewelry retailers in India who has a large contribution of wedding and occasion-related buys.
[Operator Instructions] The next question is from the line of [ Rahul Yadav ], an Individual Investor.
Can you highlight what is the sales contribution from our franchisees in the current quarters? And can you explain a bit in details about our franchise model?
Yeah. So franchisee contribution is -- right now is a very less. It's hardly 3.5% of the overall sales of division. We have right now out of 32 stores, we have three franchisees who are operating. Sorry, what was your second question Rahul?
Second is on the gold metal loans, where do we stand now? And what is the expiration, which we want to close in next quarter?
So gold metal loan is around -- if you can see the numbers, we have come down from INR508 crores at March 31 to INR488 crores as on December 31 in terms of the total borrowing. 50% of that is gold metal loan, which is around INR244 crores approximately.
One more question. In expansion plan, where are we heading? And what our target for next quarter and next financial year, how many stores we are targeting and in which part of the country?
Yeah. So we may end up with 32 stores in this financial year. However, the work is on in terms of adding few more stores, which may be primarily through the franchise route.
[Operator Instructions] The next question is from the line of [ Neha Sharma ], an Individual Investor.
This is Neha here, again. I just had a couple of more questions. My first question is the, hello?
Yes, Neha, we can hear you.
Yeah. How do you see the demand on ground? I'm more interested to know the details of client interaction, the footfall pattern, purchasing pattern or any other change in the customer buying pattern or something; in brief basically, I want to know the top down view on the customer pattern and behavior.
Yeah. I think this is a very wide question, Neha. I'll try to answer it from a limited perspective of footfall. We have seen the huge amount of footfall growth as the Whole-time Director Ms. Binaisha Zaveri has read out that 80 lakh customers has walked in. We have around -- if you see digital media, there are a lot of customers who are approximately, if I remember the number correctly, it's -- one moment -- yeah, so there are 40 lakh views in the social media, there are around 1.2 crore customers who are viewers who are hitting the various digital ads. And many of them are converting into the action footfall in our stores. So from the footfall perspective, there's a huge amount of customer -- new customer gains, 50% of the customers who are walking are the new customers, which we are gaining out of the market.
Right. So I just had one or two more questions if I'm allowed to ask.
Yes, please.
Yeah. So can you share some highlights about the wedding season sale. Is it as per our expectation?
Yeah. So it's very difficult to categorize a sale as a wedding season. As I said that in the jewelry industry, as an industry, majority of the sales, more than 50% or around 60% sales comes from the wedding as well as the occasion-related buys. And as I said that TBZ is also among the top retailers, jewelry retailers in India, where the wedding and occasion-related buys contribute a significant amount of sales. So categorization exactly related to wedding, there's no fixed mechanism.
All right. I just had one last question. Can you share the margin guidance of the -- for the coming quarter?
The margin would be slightly better than the quarter three, what we are seeing currently.
That's it from my end. Thank you so much for your time.
[Operator Instructions] As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Thank you so much, everyone, for the -- for joining the call. Please contact Dickenson World or us directly if you have any further queries. I wish you all a great evening. Stay safe, and we can now close the call. Thank you so much.
Thank you. On behalf of Tribhovandas Bhimji Zaveri, that concludes this conference. Thank you for joining us and you may now disconnect your lines.