The standalone net profit of Century Textiles and Industries Limited reduced to Rs 24 crore in the first quarter of the current financial year (Q1YFY24), as compared to Rs 63 crore for the corresponding quarter of the previous financial year, the company said in a BSE filing. This is a decline of 62 per cent.
The standalone net sales of the company for Q1FY24 stood at Rs 1,106 crore, compared to Rs 1,170 in the corresponding quarter of the previous financial year.
The company's net sales for Q1FY24 stood at Rs 1,106 crore, compared to Rs 1,172 crore year-on-year (YoY). This shows a decrease of six per cent.
The company's standalone earnings before interest, taxes, depreciation, and amortisation (Ebitda) for Q1FY24 increased by 15 per cent YoY. For Q1FY24, it stood at Rs 197 crore, while it was Rs 171 crore YoY.
The consolidated Ebitda registered a decline by 10 per cent. For Q1FY24, it stood at Rs 129, while it was Rs 143 crore in the corresponding quarter of the previous financial year.
According to the release, the key highlight for the company was acquiring three projects with revenue potential of Rs 5,600 crore.
R K Oalmia, managing director, Century Textiles and Industries Limited (CTIL) 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," said Oalmia.
Segmental performance of the company
Pulp and paper business
According to the release, the Ebitda increased by eight per cent to Rs 144 crore in Q1FY24 as compared to Rs 134 crore in the corresponding quarter of the previous financial year. The paper plant achieved overall capacity utilisation of 95 per cent.
Real estate business
The company acquired significant projects in Pune, Mumbai, and Bengaluru. All ongoing real estate projects are progressing well.
This section includes state-of-the-art technical capabilities to produce different types of dyes, finishes, whites, etc., in finished fabric.
The turnover in this section has decreased by two per cent to Rs 218 crore in Q1FY24, as compared to Rs 222 crore YoY. The capacity utilisation in Q1FY24 was 91 per cent, as compared to 89 per cent in the previous quarter.
Out of our total processing capacity of 105,000 metres per day, the company's facility has a capacity of 45,000 metres per day to produce greige fabric.