Century Textiles & Industries Ltd reported a 97 percent decline in net profit to Rs 4 crore ($4,79,047) for the fourth quarter ended March 2024, as against Rs 145 crore in the year-ago period.
The company’s revenue for the quarter rose by 60 percent to Rs 1,542 crore, as against Rs 965 crore in the corresponding period of the previous fiscal year.
For the full financial year, the company’s net profit for the quarter stood at Rs 50 crore while its revenue was Rs 4,263 crore.
The revenue from the textiles segment for the quarter remained constant year-on-year to Rs 12 crore.
In the beginning of FY24, the company took a decision to initiate process of restructuring company’s Textile Business operations at Birla Century Bharuch Plant.
In its earnings report, Century Textiles stated that the board approved the proposal to discontinue all operations at the Birla Century Bharuch unit except some minor manufacturing operations and other allied activities relating to supply of yarn to Birla Advanced Knits Private Limited, a joint venture of the company and Grasim Industries limited.
Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.
Copyright © 2024 FashionNetwork.com All rights reserved.
