KOCHI: Bhima and Brother Bullion Pvt Ltd (BBBPL), one of Kerala’s oldest jewellery retailers, has reported a significant 52 per cent jump in net profit for FY25 at Rs49.54 crore, up from Rs32.68 crore a year earlier, despite muted revenue growth.
The company’s operating income inched up marginally to Rs722.08 crore from Rs719.87 crore in FY24, reflecting tough competition in the retail jewellery space and weak volume performance.
Bhima & Brother FY25 profit jump was aided by healthy margins and operational efficiency, even as the volume of gold sold declined by 19 per cent. The dip in volume was largely offset by higher gold prices during the year, cushioning revenue slippage.
Credit rating agency Crisil, which reaffirmed BBBPL’s long-term bank loan rating at ‘BBB+’ while revising the outlook to ‘Stable’ from ‘Positive’, said the company’s business risk profile had moderated due to the underwhelming scale.
However, it acknowledged BBBPL’s strong brand recall, disciplined financials, and improved debt metrics.
The company maintained an operating margin of around 11.5 per cent, with interest coverage improving to over 4.3 times. Net worth rose to Rs317 crore as of March 2025, supported by steady reserve accretion and minimal debt-funded expansion.
While the Alappuzha-based company retains a stronghold in Kerala’s gold market with outlets in Alappuzha, Kollam, Thrissur, and Palakkad, Crisil flagged BBBPL’s geographic concentrationand high working capital needs as potential weaknesses.
With intense competition from larger pan-India players and susceptibility to gold price volatility, BBBPL’s growth in scale and continued margin stability will remain key monitorables, Crisil noted.
