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Bombay Dyeing poised to monetise WIC development

The real estate arm of SCAL Services Limited is getting demerged into Bombay Dyeing and the application is with NCLT, said Vishnu Peruvemba, chief financial officer of the company, adding that the company is expecting "things get moving over the year.”
The company has reported a good set of Q2 numbers with profit after tax jumping to Rs 246 crore from Rs 52 crore on a year-on-year basis. The stock has seen a downtick of 53 percent this year.
Peruvemba said that it has been a "fantastic" quarter for the firm with strong topline and bottomline and added the he expects solid performance going ahead.
“We have two parcels of land; 29 acres in Dadar and 25 acres in Worli (Mumbai). As of now we have gone ahead in terms of partial development in Dadar which is Island City Centre (ICC) Tower, of which possession is expected to be delivered during the year. It should drive in terms of substantial profits in the balance of the year,” he added.
“The board has approved in terms of developments in Wadia International Centre (WIC). So we are looking forward in terms of starting up all the developments in WIC as well which should drive in terms of substantial profit over the period of the year and for the years to come in,” he further added.