India's Wadia-owned Bombay Dyeing posts bigger Q4 loss as costs soar

Bombay Dyeing And Mfg

04/05/2023 12:11

May 04 (Reuters) - India's Bombay Dyeing and
Manufacturing Company Ltd  BDYN.NS  reported a bigger
March-quarter net loss on Thursday, as increasing costs
continued to hurt the retail and textiles company.
    The Mumbai-based company's consolidated net loss widened to
2.46 billion rupees ($30.08 million) for the three months ended
March 31, from a loss of 417.4 million rupees a year earlier.
    This is the 12th quarter in a row that the Wadia Group-owned
company has posted a loss, as spiralling costs have cut into
margins. 
    Total expenses in the reported quarter surged 41% to 9.1
billion rupees, with changes in inventories of finished goods,
stock-in-trade and work-in-progress jumping more than 300%, the
company said. 
    Profit at its mainstay polyester segment decreased 45.4%,
while the real estate segment swung to a loss of 967.2 million
rupees. 
    Revenue from operations for the company increased 12.1% to
6.7 billion rupees.    
    Shares of the company dropped 5.8% since fellow Wadia
Group-owned Go First airlines filed for bankruptcy on Tuesday.
    It closed 2.3% down after posting results on Thursday.
    
($1 = 81.7690 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru; Editing by Janane
Venkatraman)
 ((aleefjahan.cs@thomsonreuters.com;))