Tribhovandas Bhimji Zaveri (TBZ) ended the day in the red yesterday as its Q4FY16 performance was disappointing to say the least. Impacted by the nationwide agitation by gems and jewellery industry in protest against imposition of 1 per cent excise duty on jewellery sales, the company posted a 8% (YoY) decline in net profit at Rs.17 crore. Total income too showed a decline – it was down 34% at Rs.305 crore.

Its EBITDA dropped 103% to Rs. 73 lakh and margins dropped from a very good 5.39% to a pitiable 0.24%. The company also incurred a hedging loss of Rs 13.6 crore on account of rising gold prices.

TBZ ended FY16 with a net loss at Rs.17 crore v/s net profit of Rs.18 crore.