India's Wadia-owned Bombay Dyeing posts bigger Q4 loss as costs soar
(Reuters) - India's Bombay Dyeing and Manufacturing Company Ltd reported a bigger March-quarter net loss on Thursday, as increasing costs continued to hurt the retail and textiles company.
The Mumbai-based company's consolidated net loss widened to 2.46 billion rupees ($30.08 million) for the three months ended March 31, from a loss of 417.4 million rupees a year earlier.
This is the 12th quarter in a row that the Wadia Group-owned company has posted a loss, as spiralling costs have cut into margins.
Total expenses in the reported quarter surged 41% to 9.1 billion rupees, with changes in inventories of finished goods, stock-in-trade and work-in-progress jumping more than 300%, the company said.
Profit at its mainstay polyester segment decreased 45.4%, while the real estate segment swung to a loss of 967.2 million rupees.
Revenue from operations for the company increased 12.1% to 6.7 billion rupees.
Shares of the company dropped 5.8% since fellow Wadia Group-owned Go First airlines filed for bankruptcy on Tuesday.
It closed 2.3% down after posting results on Thursday.
($1 = 81.7690 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)