The Company completed the first phase of its land sale to Goisu Realty for Rs 4,685 crore and thereby extinguished all its debt obligations during the FY 2023-24.
Bombay Dyeing’s consolidated sales for the quarter ended March 31, 2024, stands at Rs 381 crore and net profit stands at Rs 66 crore. For the year ended March 31, 2024, consolidated revenue stands at Rs 1,688 crore and net profit at Rs 2,949 crore, including profit on sale of WIC land in Phase-I.
The Board of Directors at its meeting held on May 6, 2024 recommended the final dividend of 60% i.e. Rs 1.20 per share of face value of Rs 2 each.
The Company completed the first phase of its land sale to Goisu Realty (a subsidiary of Sumitomo Realty & Development Company) for Rs 4,685 crore and thereby extinguished all its debt obligations during the FY 2023-24. Phase-II of the sales transaction will be completed in the current financial year. The Company is now debt free and has a substantial treasury.
As per the strategy announced by the company in September, 2023, the company is actively pursuing the development of Phase 3 at ICC for approximately 1.2 million square feet out of a total developable area of approximately 3.5 million square feet. After the 3rd phase makes reasonable progress, the Company will continue to develop the balance developable area. The Company will also explore and evaluate other joint development opportunities in the realm of real estate.