Indian realty-to-textile company Bombay Dyeing and Manufacturing reported a profit in the third quarter on Thursday, aided by a one-off gain from a land sale and lower costs. .
The Wadia Group-owned company reported a consolidated profit of 30.54 billion rupees ($368 million) in the three months to Dec. 31, compared to a loss of 1.01 billion rupees last year.
Total expenses fell by 39.4% to 4.60 billion rupees, largely due to a nearly 99% fall in inventories of finished goods, while its input costs also dropped 4.3%.
Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, has picked up the land parcel through an 80-year lease agreement. It emerged the highest bidder for the plot in 2019 but conclusion of the deal has taken more than four years.