Bombay Dyeing reports 43% decline in operating revenue, reports net profit of ₹66.39 crore

Bombay Dyeing and Mfg Co on Tuesday reported a 43% year-on-year (YoY) decline in its operating revenue for the fourth quarter at ₹380.65 crore.

Total revenue declined 34.62% to ₹451.58 crore during the quarter. The company reported a net profit of ₹66.39 crore as against a net loss of ₹246.13 crore in the same period of the previous fiscal.

For the fiscal year 2024, the company reported a 37% decline in its operating revenue at ₹1,688.48 crore. Total revenue fell 35% to ₹1,799.42 crore. Bombay Dyeing reported a net profit of ₹2,948.61 crore during the year as against a net loss of ₹516.46 crore in the previous fiscal. The net profit during FY24 was aided by an exceptional item worth ₹3,945.87 crore.

The board of directors recommended the final dividend of ₹1.20 per share.

The company said it completed the first phase of its land sale to Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, for ₹4,685 crore, and has extinguished all its debt obligations during the FY24. It said that phase 2 of the sales transaction will be completed in the current financial year. Bombay Dyeing pointed out it is now debt-free and has a substantial treasury.

The firm also stated that as per the strategy announced in September 2023, it is actively pursuing the development of phase 3 at ICC for approximately 1.2 million square feet out of a total developable area of approximately 3.5 million square feet. “After the 3rd phase makes reasonable progress, the company will continue to develop the balance developable area. The company will also explore and evaluate other joint development opportunities in the realm of real estate,” it said.

Shares of the company have gained over 9% since the beginning of the year. The stock has risen over 101% in the last one year.