Bombay Dyeing & Manufacturing Co Ltd on Monday reported a consolidated net profit of Rs 162.40 crore for December quarter 2019 helped by deferred tax assets.
The company had posted a net loss of Rs 195.12 crore in the year-ago period, Bombay Dyeing said in a BSE filing.
Total income during the period under review was Rs 389.61 crore. In the year-ago period it stood at Rs 425.31 crore.
"During the quarter ended December 31, 2019, in terms of Ind AS 12 on "Income Taxes" read with Ind AS 34 on "Interim Financial Reportings", the Company has recognised Deferred Tax Assets (Net) of Rs 301.14 crore arising from unabsorbed depreciation and brought forward business losses, based on the steps taken by the Company to achieve its projected profitability," it said.
"It is probable that the Company will have future taxable profits against which the unabsorbed depreciation and brought forward business losses can be utilised," it added.
Total expenses during the quarter were at Rs 527.77 crore. In the year-ago period they stood at Rs 590.13 crore.
More From This Section
During the quarter, Bombay Dyeing's revenue from the real estate segment was Rs 60.15 crore, compared with Rs 5.63 crore of the corresponding quarter a year ago.
Revenue from polyester segment was Rs 271.30 crore as against Rs 325.41 crore in the same period a year ago.
Retail and textile revenue was at Rs 46.25 crore as against Rs 82.28 crore.
Shares of Bombay Dyeing & Manufacturing on Monday settled at Rs 90.75 apiece on the BSE, up 0.72 per cent.
Disclaimer: No Business Standard Journalist was involved in creation of this content
