India's Wadia-owned Bombay Dyeing posts bigger Q4 loss as costs soar

·1-min read

(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)