Bombay Dyeing net profit falls 14% to Rs 179 crore

Bombay Dyeing and Manufacturing reported a fall of 13.70 percent in its standalone net profit at Rs 178.85 crore for the quarter ended March 31. The company had posted a net profit of Rs 207.25 crore for the same period in the previous fiscal, the company said in a filing to the BSE.

Bombay Dyeing's net sales on standalone basis fell 33.78 percent to Rs 745.77 crore as against Rs 1,126.25 crore in March quarter of the previous fiscal. For the full fiscal, company's net profit marginally rose 0.90 percent to Rs 24.56 crore from Rs 24.34 crore in the year-ago period.

However net sales were down 10.74 percent to Rs 2,327.68 in FY15. It was Rs 2,607.86 crore a year ago. Meanwhile, in a separate filing Bombay Dyeing informed its board has recommended a dividend of Rs 0.80 per equity shares of Rs 2 each for the year ended March 31.

Bombay Dyeing further said that the board has also granted approval to sell its textiles processing unit in Ranjangaon, Maharashtra to Delhi-based Oasis Procon for Rs 230 crore.

"The net proceeds from the sale will be utilised to repay the existing loans and reduce interest burden or enhancement of working capital of the company or general business purpose," Bombay Dyeing said.