For the quarter ended June, TBZ's consolidated net profit surged to 170.5 million rupees ($2 million), reflecting a significant boost from the previous year. Sales for the jeweller rose by 4.5%, reaching 5.96 billion rupees during the same period. The company's core profit margin expanded to 7.14%, up from 5.65% a year earlier, as TBZ concentrated on high-margin products, which substantially improved its bottom line.

However, the rising gold prices had a mixed impact on TBZ's operations. The cost of raw materials increased by 34%, contributing to a 3% rise in total expenses. Despite this, TBZ managed to maintain profitability by focusing on premium products and optimizing its sales strategy.

The broader market trends have had varying effects on jewellery retailers. Larger rival Titan (TITN.NS) missed its quarterly profit estimates last week as the surge in gold prices dampened demand in its core jewellery segment. In contrast, Kalyan Jewellers (KALN.NS) reported a higher first-quarter profit, aided by offering discounts to attract customers.

Shares of TBZ ended approximately 6% lower on Monday amid a broader market selloff, with the benchmark Nifty 50 (.NSEI) closing down 2.7%. Despite the market volatility, TBZ's strong performance in the first quarter highlights its ability to navigate challenges and capitalize on growing demand for gold jewellery.