Bombay Dyeing Records Net Profit Rs 2949 Crores
Bombay Dyeing has reported robust financial results for the quarter and fiscal year ended March 31, 2024. In Q4, consolidated sales reached Rs 381 crore, with a net profit of Rs 66 crore. For the entire fiscal year, consolidated revenue amounted to Rs 1,688 crore, while net profit stood at Rs 2,949 crore, inclusive of profit from the sale of WIC land in Phase-I.
During the fiscal year, the company achieved a significant milestone by completing the first phase of its land sale to Goisu Realty Pvt Ltd, a subsidiary of Sumitomo Realty & Development Company Ltd, for Rs 4,685 crore. This transaction enabled Bombay Dyeing to clear all its debt obligations, rendering the company debt-free. Additionally, Phase-II of the land sale transaction is expected to conclude in the current financial year, further strengthening the company’s financial position. With a substantial treasury at its disposal, Bombay Dyeing is poised for future growth and expansion opportunities.
In line with its strategic vision outlined in September 2023, Bombay Dyeing is actively pursuing the development of Phase 3 at ICC, covering approximately 1.2 million square feet out of a total developable area of approximately 3.5 million square feet. Once Phase 3 demonstrates reasonable progress, the company intends to proceed with the development of the remaining area. Furthermore, Bombay Dyeing will explore and evaluate joint development opportunities within the real estate sector to capitalize on emerging market trends and enhance shareholder value.
The board of directors, at its meeting held on May 6, 2024, recommended a final dividend of 60%, amounting to Rs. 1.20 per share of face value of Rs 2 each, underscoring the company’s commitment to delivering value to its shareholders.
