Conference Call Details
• Date: February 9, 2024
• Transcript submitted to BSE and NSE on February 16, 2024
• No unpublished price-sensitive information shared
Financial Performance
• Gross Profit: Increased by 13.5% to INR 292.33 crores
• EBITDA Margins: Improved, with expectations to rise above 6.5%
• Challenges: Revenue impacted by fluctuating gold prices and a flat wedding season
Strategic Expansion
• New Showroom: Opened in Vapi
• Future Plans: Two additional store openings planned by end of Q4 or early Q1
• Franchisee Stores: Ongoing negotiations for 5 to 8 franchisee stores
Market Outlook
• Demand Trend: Positive demand noted in January
• Sales Growth Target: 15% to 20% same-store sales growth for FY '25
• Market Confidence: Optimistic about market momentum despite election-related uncertainties
Franchisee Operations
• Inventory and Revenue: Franchisees handle capital expenditure and inventory investments
• Brand Support: TBZ provides design, marketing, and staff training
• Profitability: Higher profit before tax (PBT) for TBZ due to lower operational expenses
Conclusion
• Mukesh Sharma thanked shareholders and encouraged further engagement with the company.

Conference Call Details
• Date: February 9, 2024
• Transcript submitted to BSE and NSE on February 16, 2024
• Focus: Financial performance and market conditions
Key Highlights
• Management Insights
• Whole-time Director Binaisha Zaveri emphasized resilience and profitability despite revenue challenges.
• CFO Mukesh Sharma reported a 13.5% increase in gross profit for Q3 FY'24.
• Ongoing operational efficiencies were highlighted.
• Expansion Plans
• New showroom opened in Vapi; plans for two more stores soon.
• Focus on strategic growth and maintaining profitability over aggressive expansion.
Market Performance
• Wedding Market
• Demand remains flat compared to last year, influenced by gold prices.
• Jewelry Composition
• Slight increase in diamond ratio from 80:20 to 77:23 in Q3.
• EBITDA Margins
• Expected to exceed 6.5% in the near future, prioritizing profitability.
Future Growth Expectations
• Franchisee Stores
• Plans to open 5 to 8 franchisee-operated stores, with two launching soon.
• Revenue Growth
• Same-store sales growth projected at 15% to 20% for FY '25.
• Optimism about revenue growth despite a sluggish market.
Financial Dynamics
• Franchisee Profitability
• Gross margins vary by franchisee; profitability remains higher for TBZ due to lower operational expenses.
• Return on Investment
• Focus on ROI for both franchisees and TBZ, with varying margins based on inventory and regional agreements.
Conclusion
• The call concluded with gratitude to shareholders and an invitation for further questions.

Company Performance
• Operating Income: 5.9% decline in total operating income.
• EBITDA: 49.4% increase.
• Profit Before Tax: 137% rise for H1 FY '24.
Growth Strategy
• Store Openings:
• One store opened in the first half of FY '24.
• Plans to open 3 to 5 more stores in the second half.
• Recent store opened in Vapi, Gujarat.
• Focus Areas: Commitment to quality and innovation in gold and diamond segments.
Sales Outlook
• Demand Trends:
• Initial sluggish demand due to high gold prices.
• Current sales improving with expectations of flat or slight growth year-over-year.
• Sustainable Margins: Significant year-over-year increase in margins.
Store Economics
• Store Size: New stores typically range from 2,000 to 2,500 square feet.
• Capital Expenditure: Estimated between INR 2 to 3 crores per store.
• Payback Period: Estimated at 2 to 3 years.
• Revenue Distribution: Skewed towards the second half of the year due to festivals and weddings.
Franchise Growth
• Plans to open 2 to 3 additional franchise stores in the second half of the year.
Financial Performance
• Q2 FY '24 Revenue: INR 480.6 crores (down from INR 536 crores the previous year).
• H1 FY '24 Revenue: INR 1,051 crores (down from INR 1,116 crores in H1 FY '23).
• Margin Goals: Aim to maintain and improve current margins.
Competitive Positioning
• Market Competition: TBZ does not view online retailers as direct competitors due to the tactile nature of jewellery shopping.
• Company History: 158 years in the industry, emphasizing long-standing presence and confidence in future performance.
Conclusion
• The call concluded with an invitation for further inquiries and expressions of gratitude to participants.

Company Performance
• Date of Call: August 3, 2023
• Key Participants: Binaisha Zaveri (Whole-time Director), Mukesh Sharma (CFO)
• Financial Highlights:
• 30.7% year-on-year increase in gross profit
• 72.6% rise in EBITDA
• 45% new customer acquisition
• Projected revenue growth of 15-20% for FY '24
• Targeting a PAT margin above 2.5%
Growth Potential and Strategy
• Long-term Growth: Optimism about doubling revenue in the coming years, but cautious due to gold price fluctuations.
• Retail Strategy: Focus on backend improvements and franchise network expansion rather than new store openings.
• Sourcing and Product Mix:
• Current mix: 25% diamond, 75% gold
• No significant changes in sourcing strategies.
Market Insights
• Diamond Market Outlook: Confidence in resilience and aspirational brand appeal; marketing efforts aiding customer acquisition.
• Lab-grown Diamonds: Not seen as a threat due to low consumer acceptance in India.
• Gold Demand: Temporary decline acknowledged; optimism for revival during wedding season.
Investor Inquiries
• Customer Tracking: Footfall counted per store, documented in IT systems.
• Store Expansion Plans: Mix of company-owned and franchise stores with estimated capital expenditure of INR 2-2.5 crores.
• Return on Equity (ROE): Currently around 8.5-9%, with improvements above 10% expected.
• Design Differentiation: Unique offerings developed in collaboration with vendors.
Conclusion
• Market Value Concerns: Recent 40% increase in share prices noted as a sign of growing investor confidence.
• Future Focus: Commitment to enhancing valuation and profitability, with operational efficiency emphasized for new store management.

Earnings Performance
• Date of Call: May 26, 2023
• Revenue Growth: 30% year-on-year for FY '23, totaling INR 2,394 crores
• Financial Metrics: Significant increases in EBITDA, PBT, and PAT
• Future Goals: Aiming for 20% sales growth in FY '24
Operational Focus
• Key Strategies:
• Inventory optimization
• Margin improvement
• New product introductions
• Debt Management:
• Debt-to-equity ratio improved to 0.86% from 0.95%
• Expectation of decreased interest costs in FY '24
Inventory and Hedging
• Gold Inventory Management:
• Natural hedging strategy in place
• Continuous inventory replacement complicates profit comparisons
• Profitability Insights:
• Margins affected by GML and paid inventory
• Targeting consistent EBITDA margin of around 5%
Expansion Plans
• Franchise Model:
• Plans to open new stores through franchising
• Majority of working capital investment expected from franchise partners
• Investment and Breakeven:
• Various franchise models under consideration
• Positive EBITDA anticipated without significant company investment
Additional Inquiries
• Malabar Gold: No formal discussions with Malabar regarding share purchases; they are acting as normal investors.
• Closing Remarks: CFO Mukesh Sharma thanked participants and invited further questions.

Earnings Overview
• Date of Call: February 10, 2023
• Submission to BSE and NSE: Transcript submitted on February 14, 2023
• Financial Results:
• Q3 revenue growth: 6%
• 9MFY23 revenue growth: 37%
• Key Growth Factors:
• Increased customer footfalls during festive season
• Successful new product launches
Future Plans
• Revenue Growth Target for FY24: 25-30%
• Strategies:
• Enhance customer engagement
• Expand store presence
Conference Call Insights
• Growth Projections:
• Mukesh Sharma discussed expected growth from organic and inorganic sources, driven by franchisee interest.
• Concerns Raised:
• Saloni Davishi noted the shift of wedding season sales from Q3 to Q4.
• Franchisee Contributions:
• Currently account for 3.5% of overall sales.
• Gold Metal Loans: Slight decrease noted.
• Customer Behavior:
• Significant increase in footfall and new customer acquisition.
• Margin Guidance: Expected slight improvement in the coming quarter.
Conclusion
• Call concluded with an invitation for further questions through direct contact.