Bombay Dyeing & Manufacturing Co tanks 7% as Q4 net profit plunges 96% YoY

Shares of Bombay Dyeing and Manufacturng Company tanked 7.4 per cent to Rs 63.45 on the BSE on Wednesday after the company's consolidated March quarter profit plunged 96 per cent year-on-year to Rs 48.63 crore. The company had posted a net profit of Rs 1,253.37 crore in the year-ago quarter.

For fiscal year 2019-20, the company's net profit declined 73.26 per cent to Rs 328.85 crore from Rs 1,230.11 crore in previous year. Net profit margin in Q4FY20 was at 15.51 per cent, the company said in a statement. 

Revenue from operation declined 88.76 per cent to Rs 313.10 crore during the quarter under review, as against Rs 2,786.36 crore reported in the corresponding quarter of last fiscal. For the fiscal year 2020, revenue from operations slipped 57.22 per cent to Rs 1,894.62 crore comapred with Rs 4,429.76 crore posted in 2018-19.

Besides, EBITDA came in negative at Rs 24.81 crore in March 2020, down 101.79 per cent YoY, from Rs 1,389.80 crore in March 2019. 

The company recommended a dividend of Rs. 0.20 (20 Paise Only) per equity share of Rs 2 each for the financial year ended March 31, 2020.

At 10:08 am, the stock was trading 6.35 per cent lower at Rs 64.2 on the BSE, as against a 75 points, or 0.22 per cent, rise in the benchmark S&P BSE Sensex. A combined 1.57 million shares have changed hands on the counter on the NSE and BSE till the time of writing of this report. So far in financial year 2020-2021 (FY21), the stock price has surged 50 per cent from a level of Rs 45.8 to Rs 68.55 till June 9. In comparison, the Sensex has advanced 15.2 per cent.