Century Textiles Q3 net profit slumps 44 percent to Rs 7 crore

By

Maverick Martins

Published
Feb 1, 2023

Century Textiles & Industries witnessed a 44 percent decline in its consolidated net profit to Rs 7 crore ($855,533) in the third quarter ended December 2022, as against Rs 13 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 9 percent to Rs 1,149 crore, as against Rs 1,049 crore posted in the corresponding quarter last year with textiles segment contributing Rs 237 crore.

Total expenses for the quarter were up by 17 percent to Rs 1,515 as compared to Rs 710 crore in Q3 FY23.

Commenting on the results, Century Textiles in a statement said, “Considering the current domestic and global economic scenario, our focus would be on improving our portfolio with unique products offered at economical prices through various intra and intergroup synergies with 'Sustainability' at the core.”

“We plan on setting up the best practices to achieve complete traceability of all the raw materials throughout the supply chain to get aligned with most of the reputable international brands. The apparel fabrics and home linen demand is expected to be stable in domestic market with a slight downward shift in export demand,” it added.

Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.