Electronic income

Century Textiles reports 78% increase in net profit to Rs 63 crore in first quarter

AV Birla Group company Century Textiles and Industries on Monday reported a 78% rise in net profit to Rs 63 crore, on the back of robust first-quarter sales.

The company, which is mainly engaged in textiles, pulp and paper and real estate, said its sales reached Rs 1,170 crore, up 41% from the year-ago period.

The company’s managing director, JC Laddha, attributed the strong numbers to strong operational efficiency and improved market demand.

The pulp and paper sector performed exceptionally well in the quarter, particularly with increased demand in the paper and tissue segment, he said.

The textile business saw impressive growth, mainly supported by good demand for apparel fabrics, while the real estate business was driven by strong consumer confidence and improving demand for residential units of quality, he said.

The pulp and paper sector saw sales increase by 49% to Rs 857 crore. This was due to better capacity utilization which reached 97%, leading to an increase in the production of the paper and tissue segments by 17% and 14%, respectively, year-on-year.

The property business recorded sales of Rs 434 crore with a significant contribution from the Birla Niyaara project at Worli in the megacity. This flagship project of the company has so far achieved cumulative sales of around Rs 1,600 crore, Laddha said.

Textile vertical revenue increased by 31% to Rs 268 crore on higher capacity utilization at 96%.

The company’s shares fell 1.45% to Rs 801 on BSE while the benchmark slipped 0.55% after six days of gains.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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