Tribhovandas Bhimji Zaveri Ltd. (TBZ) reported net sales of $50.6 million (INR 2.82 billion) and net profit of $2.9 million (INR 162.7 million) during its first fiscal quarter that ended on June 30, 2012. The jewelry retailer didn’t provide comparable data from 2011 as it was an unlisted company one year ago.

Mumbai-based TBZ stated that it maintained a net profit margin of 5.7 percent for the quarter, helped by a carefully monitored sales mix of gold and diamond jewelry, wherein diamond jewelry sales enhanced its margins.

“We deployed an interesting sales mix of gold, diamond and fusion jewelry while unveiling exciting new collections, such as the Dohra collection, to entice the customers and increase same store sales,” said Shrikant Zaveri, TBZ’s chairman and managing director.

Zaveri added that the company opted for a gold loan facility during the quarter to help enhance its business efficiencies and mitigate the risk of gold price volatility.

TBZ stated that higher gold prices, the nationwide jewelers strike and fewer wedding and festival occasions during the first quarter of fiscal 2013 impacted sales. The company expects the overall volume of sales to recover during the second half of fiscal 2013.

“TBZ is maintaining the momentum of its retail expansion across key markets in sync with the initial public offering (IPO) disclosures,” said the company, which currently has 15 showrooms in nine cities.

TBZ in April raised approximately $36 million (INR 2 billion) through an IPO to fund its expansion and for incremental working capital requirements, among other things. The company plans to open 43 showrooms by the end of fiscal year 2015.