Bombay Dyeing slips after dismal Q2 earnings

Bombay Dyeing & Manufacturing Company declined 1.41% to Rs 63.15 after the company posted a consolidated net loss of Rs 90.68 in Q2 September 2020 as against net profit of Rs 89.51 crore in Q2 September 2019.

Consolidated net sales for Q2 September 2020 stood at Rs 217.08 crore, falling 61% from Rs 555.25 crore in the same period last year. The result was announced after market hours yesterday, 20 October 2020.

Pre-tax loss stood at Rs 119.49 crore in Q2 September 2020 as against pre-tax profit of Rs 89.55 crore in Q2 September 2019. The company received a tax rebate of Rs 28.81 crore in Q2 September 2020.

The company's revenue from polyester segment fell 34.48% year-on-year to Rs 175.84 crore during the quarter. Real estate segment revenue fell 82% to Rs 34.82 crore and textile segment revenue slumped 93.13% to Rs 6.42 crore in Q2 September 2020 over Q2 September 2019.

Shares of Bombay Dyeing have fallen 4.46% in three trading sessions.

Bombay Dyeing & Manufacturing Company is a holding company engaged primarily in the business of real estate development, polyester staple fibre and retail. The company's segments include real estate, polyester and retail/textile.

Powered by Capital Market - Live News