Bombay Dyeing Q2 net profit plummets 73 percent, names new CFO
today Nov 12, 2019
Textiles major Bombay Dyeing & Manufacturing Co Ltd saw its net profit for the second quarter plummet 73 percent to Rs 89 crore ($12.5 million), as against a net profit of Rs 325 crore it had posted in the year-ago period.
The company’s revenue for the July-September period dropped by 33 percent to Rs 555 crore, as against Rs 833 crore it had reported in the corresponding quarter a year ago.
The polyester and textiles segment contributed Rs 268 crore and 93 crore respectively to the company’s overall revenue for the quarter.
Bombay Dyeing's total expenses declined 21 percent to Rs 474 crore, as against Rs 605 crore in the corresponding quarter last year.
In its quarterly update, Bombay Dyeing also said that it has appointed Hitesh Vora as the company’s new chief financial officer.
Bombay Dyeing is eyeing revenue of Rs 500 crore by 2020 and betting big on its menswear brand Cezari to drive growth. The company also plans to add over100 franchise stores by end of this fiscal.
The company currently has 27 company-owned stores, 3,000 multi-brand stores and over 400 franchise stores across India.
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