Bombay Dyeing Q3 results: Profit at Rs 3,054 crore on gain from land sale

Indian realty-to-textile company Bombay Dyeing and Manufacturing reported a profit in the third quarter on Thursday, aided by a one-off gain from a land sale and lower costs.

The Wadia Group-owned company reported a consolidated profit of Rs 3,054 cr ($368 million) in the three months to Dec. 31, compared to a loss of  Rs 101 cr last year.

This was helped primarily by Rs 3831 cr one-off gain from the sale of land to Goisu Realty during the quarter.

Total expenses fell by 39.4% to 4.60 billion rupees, largely due to a nearly 99% fall in inventories of finished goods, while its input costs also dropped 4.3%.

This helped the company to reduce its loss before exceptional item by 27.2% to Rs 7,316 cr.

The Mumbai-based company's primary revenue-generating segment, polyester, which accounted for about 95% of its revenue, fell by 11%. This resulted in a 43.4% decline in its revenue from operations at 3.69 billion rupees.

Shares of the company dropped 1.5% ahead of the results.