Century Textiles Q2 profit rises 59 percent to Rs 70 crore
Century Textiles and Industries, a part of the Aditya Birla Group reported a 59 percent rise in consolidated net profit at Rs 70 crore ($8.8 million) for September quarter 2022-23, as against Rs 44 crore reported in the year-ago period.
The company’s revenue for the quarter rose to Rs 1,242 crore from Rs 1,034.27 crore in the corresponding period of the previous year.
Century Textiles expenses for the quarter also shot up to Rs 1,125 crore, as against Rs 972 crore it reported in the July-September quarter of the previous fiscal year.
Commenting on the Q2 results, R K Dalmia, managing director of Century Textiles in a statement said, “Building upon the momentum initiated in the previous quarter, the company performed even better in this quarter, especially due to increased market demand during the festive season, favourable impact of the single-use plastic ban as well as several cost-reduction initiatives implemented across our production facilities.”
“The pulp and paper business delivered stellar performance backed by increased demand across all segments with timely price corrections and cost reductions. While the textiles business is facing challenging times, apparel fabric demand has been stable in the domestic market,” he added.
Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.
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