Century Textiles Q2 Earnings: Net Income At Rs 54 Crore; Revenue At Rs 998 Crore
It had posted a net income of Rs 5 crore and a revenue of Rs 600 crore in the year-ago period, which was ravaged by the first wave of the pandemic.
Despite the second wave impacting business activities, Century Textiles & Industries on Thursday reported a net income of Rs 54 crore and a revenue of Rs 998 crore on a standalone basis in the quarter ended September. It had posted a net income of Rs 5 crore and a revenue of Rs 600 crore in the year-ago period, which was ravaged by the first wave of the pandemic.
The Birla group company attributed the strong performance to higher operating efficiency and turnaround in market sentiments. Despite disruptions caused by the pandemic, its Managing Director J C Laddha said they could deliver resilient performance as the manufacturing businesses posted excellent results due to a healthier business environment, robust productivity, and financial prudence.
The pulp and paper vertical saw the best-ever quarter in terms of production and sales mostly supported by higher volume from value-added products and new products. The textile business revived strongly on the back of robust domestic demand, while the real estate has a strong response to the phase-II launch of the Kalyan project.
The pulp and paper business saw the highest throughput with the business reaching at 101 percent capacity utilization, while sales grew 64 percent as there was a marked improvement in demand for the writing and printing paper segment. The realty business saw robust collections at all projects on the back of strong customer connect and outreach.
During the quarter, it launched the second phase of the Birla Vanya in Kalyan which has received strong response. The company’s two commercial assets, Birla Aurora and Birla Centurion, continue to generate stable rentals, he said.
The textile business bounced back with the plants operating at 91 percent capacity compared with 68 percent last year, and sales grew 109 percent over last year.
(PTI)
