India's Wadia-owned Bombay Dyeing posts Q3 profit on gain from land sale

Bombay Dyeing And Mfg

08/02/2024 14:16

BENGALURU, Feb 8 (Reuters) - Indian realty-to-textile
company Bombay Dyeing and Manufacturing  BDYN.NS  reported a
profit in the third quarter on Thursday, aided by a one-off gain
from a land sale and lower costs. 
    The Wadia Group-owned company reported a consolidated profit
of 30.54 billion rupees ($368 million) in the three months to
Dec. 31, compared to a loss of 1.01 billion rupees last year.
    This was helped primarily by 38.81 billion rupees one-off
gain from the sale of land to Goisu Realty during the quarter. 
    Total expenses fell by 39.4% to 4.60 billion rupees, largely
due to a nearly 99% fall in inventories of finished goods, while
its input costs also dropped 4.3%.
    This helped the company to reduce its loss before
exceptional item by 27.2% to 731.6 million rupees.
    The Mumbai-based company's primary revenue-generating
segment, polyester, which accounted for about 95% of its
revenue, fell by 11%. This resulted in a 43.4% decline in its
revenue from operations at 3.69 billion rupees.
    Shares of the company dropped 1.5% ahead of the results. 
    

($1 = 82.9620 Indian rupees)
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))