Bombay Dyeing on recovery path, posts Q3 profit of Rs 3 crore

Bombay Dyeing & Manufacturing Co Ltd revenue rose by 28 percent for the quarter, posting sales revenue of Rs 635 crore (approx $98.7 million), as against Rs 496 crore (approx $77 million) in the year-ago quarter. 

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Bombay Dyeing, as part of its revival strategy this year, had invested around Rs100 crore (approx $15.5 million) by increasing multi-brand outlets, franchise stores and new products.
 
However, due to the Goods and Services Tax implementation, which severely impacted the textile business -- a major contributor to the revenue of the firm --  the growth of the firm had been hampered in the previous quarters this fiscal.
 
After the smooth transition into the GST regime, Bombay Dyeing investments are finally giving returns, as it posted a meagre profit of Rs 3 crore (approx $0.5 million) for the third quarter. The company had posted a net loss of Rs 6 crore (approx $1 million) in the same period last fiscal, Bombay Dyeing said in a BSE filing.
 
The company’s expenses also shot up due to its investments on expansion and technology, standing at Rs 627 crore (approx $97.5 million) as against Rs 501 crore (approx $78 million).
 
Bombay Dyeing is the flagship company of the Wadia Group, engaged primarily in the business of textiles. It is available across the country at physical outlets and leading online portals like Flipkart, Myntra, Amazon and others.
 

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