Century Textiles & Industries swings to Q1 profit of Rs 17.35 cr, sales up 28% YoY

Compared to the quarter ended March 31, 2024, both the consolidated net profit and sales reported declines, dragged by Century Textiles' pulp and paper and real estate businesses

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Textiles-to-pulps-to-real estate firm Century Textiles & Industries Ltd reported a consolidated net profit of Rs 17.35 crore for the Apr-Jun quarter, returning to black, after reporting a loss of Rs 7.06 crore in the same quarter last year.

The Aditya Birla group-owned firm's consolidated sales for the quarter was Rs 1,139.67 crore, around 28 percent higher than the corresponding quarter a year ago.

Compared to the quarter ended March 31, 2024, both the consolidated net profit and sales reported declines, dragged by the company's pulp and paper and real estate businesses. The company said in an investor presentation that sales from the pulp and paper business declined in April-June due to a decline in government orders as the general elections were ongoing.

Sales in the company's real estate business came in at Rs 338.17 crore for the Apr-Jun quarter, higher than the same in the year-ago period, but represented a decline against revenues of Rs 668.34 crore in the January-March quarter. The real estate business, operating under the wholly-owned subsidiary Birla Estates, has launched six projects till date, while it has a pipeline of projects with a gross development value of around Rs 53,000 crores, the company said in a presentation.

Century Textiles also announced plans to raise upto Rs 1,000 crores through debt in one or more tranches on a private placement basis.

Shares of Century Textiles & Industries closed 5 percent higher on the NSE at Rs 2,207 on July 16.