Century Textiles and Industries Limited witnessed a 62 percent decline in net profit to Rs 24 crore ($3 million) in the first quarter, as compared to Rs 63 crore for the corresponding quarter of the previous financial year.
The standalone net sales for the quarter dropped by 6 percent to Rs 1,106 crore, as against Rs 1,170 in the corresponding quarter of the previous financial year.
During the quarter, the company acquired three projects with revenue potential of Rs 5,600 crore.
Commenting on the results, R K Oalmia, managing director of Century Textiles in a statement said, “The company has maintained its operational performance while remaining steadfast in its commitment to sustainability. The pulp and paper business performed very well with margins bolstered by decreasing input costs and effective cost reduction initiatives.”
“Meanwhile, our textiles business underwent strategic restructuring of primary processes to align with market dynamics,” he added.
Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.
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