Bombay Dyeing has recently announced its results and declared that its net profit has jumped to Rs 66 crore ($8 million) for the fourth quarter ended March 31, as against a net loss of Rs 246 crore posted in the year-ago period.
The company’s revenue for the quarter was down by 34% to Rs 452 cr, as against Rs 691 crore in the corresponding quarter of the previous year.
For the full financial year, the company reported revenue of Rs 1,799 cr while its net profit for the year stood at Rs 2,949 cr.
“The company completed the first phase of its land sale to Goisu Realty Private Limited (a subsidiary of Sumitomo Realty & Development Company Limited) for Rs 4,685 crore and thereby extinguished all its debt obligations during the FY 2023-24,”.
“Phase-II of the sales transaction will be completed in the current financial year. The company is now debt free and has a substantial treasury,” the company added.
Bombay Dyeing is one of the largest textile manufacturers in the country and owns the menswear brand Cezari. It currently has 27 company-owned stores, 3,000 multi-brand stores, and over 400 franchise stores across India.