Bombay Dyeing hits new low

Bombay Dyeing hit  a new 52-week low today at Rs.37.25 but soon recovered from the low point though it continues to remain in the red at Rs.38 levels. Market cap is at Rs.801 crore.

The stock hit the bottom after it posted a set of dismal numbers for Q1FY14, wherein it reported a net loss of Rs.27 .57 crore ,almost same loss as the one it had posted in Q1FY13 at Rs.27.50 crore. The company, in Q4 had posted a net profit of Rs.158 crore. The loss in Q1 was despite the 8% (YoY) rise in net revenue at Rs.516 crore. The revenue from its textile segment was up 21% and that from the polyester segment rose 2%. Its revenue from realty segment also rose 14%. So what really pushed the company into losses were the high interest outgo, at Rs.43 crore compared to Rs.38 crore in Q4. The net debt of the company currently stands at around Rs.1300 crore.