Bombay Dyeing Q4 net profit down 96 pc at Rs 48.63 cr

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Bombay Dyeing & Manufacturing Co reported a 96.1 per cent decline in consolidated net profit at Rs 48.63 crore for the fourth quarter ended March 2020.
96.1 per cent decline in consolidated net profit at Rs 48.63 crore

New Delhi, June 9 (PTI) Bombay Dyeing & Manufacturing Co Ltd on Tuesday reported a 96.1 per cent decline in consolidated net profit at Rs 48.63 crore for the fourth quarter ended March 2020.

The company had posted a net profit of Rs 1,253.37 crore in January-March period a year ago, helped by gains from its real estate activities

Revenue from operation declined 88.76 per cent to Rs 313.10 crore during the quarter under review as against Rs 2,786.36 crore in the corresponding quarter of last fiscal.

Bombay Dyeing’s total expenses also fell 68.34 per cent to Rs 489.53 crore as against Rs 1,546.69 crore in the year-ago quarter.

“Since the nature of real estate activities being carried out by the company is such that profits/losses from these transactions do not necessarily accrue evenly over the year, results of a quarter and year may not be representative of profits and losses for the year,” the company said.

Bombay Dyeing’s revenue from real estate segment stood at Rs 45.06 crore during the quarter as against Rs 2,353.75 crore in the fourth quarter of 2018-19.

Revenue from polyester was at Rs 233.45 crore as against Rs 367.70 crore a year ago, while that from retail/textiles stood at Rs 34.59 crore as compared with Rs 65.31 crore in the year-ago quarter.

For fiscal year 2019-20, the company’s net profit declined 73.26 per cent to Rs 328.85 crore from Rs 1,230.11 crore in previous year.

Revenue from operations also fell 57.22 per cent to Rs 1,894.62 crore in 2019-20 as against Rs 4,429.76 crore in 2018-19.

The company said that its board has recommended a dividend of Rs 0.20 per equity share for the financial year ended March 31, 2020.

Shares of Bombay Dyeing and Manufacturing Co Ltd on Tuesday closed 1.65 per cent lower at Rs 68.55 on the BSE.

Source:PTI

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