Bombay Dyeing Limited announced that its net loss for the three months ending March 31, 2023, had increased by 490% to Rs 246.1 crore. In the same period last year, it reported a consolidated net loss of Rs 41.74 crore.
The cash-strapped airline carrier “Go First,” which filed for voluntary insolvency proceedings with the National Company Law Tribunal (NCLT) on Monday due to mounting losses caused by engine delivery delays that forced the grounding of half of its fleet, is owned by the Wadia Group, whose flagship company is Bombay Dyeing. For the fourth quarter that ended in March 2023, Bombay Dyeing’s consolidated revenue from core operations increased by 12% to Rs 670.17 crore from Rs 598.01 cr the previous year. Other sources of the company increased by nearly 50% to Rs 20.58 crore from Rs 10.15 crore a year earlier.
In comparison to a year ago, the company’s expenses increased to Rs 909.82 crore from Rs 645.08 crore. Following the results announcement, the share price of Bombay Dyeing ended Thursday’s trading session 1.82% lower at Rs 86.5.
