Century Textiles and Industries has seen 14 per cent decline in textile business but it has reported 59.38 per cent increase in consolidated net profit at Rs. 69.97 crore for Q2 of FY ’23. The company, a part of the Aditya Birla Group, said in a regulatory filing said that a year ago in the same quarter, the profit stood at Rs 43.9 crore.
In textiles, the company offers suitings and shirtings to fine fabrics and household linen products.
The company is also into textiles, pulp and paper and realty businesses, but its turnover in textile business decreased by 14 per cent to Rs. 224 crore in Q2 of FY ’23 as compared to Rs. 261 crore in Q2 of FY ’22. The company’s capacity utilisation in Q2 of FY ’23 was 86 per cent as compared to 91 per cent in Q2 of FY ’22.
Its real estate division revenues were flat at Rs.33 crore in the second quarter of current fiscal year and its largest segment of pulp and paper products saw revenues rise by 37.3 per cent to Rs. 942 crore.
Total income from operations rose to Rs. 1,242.11 crore from Rs. 1,034.27 crore in the corresponding period of the previous year.
R K Dalmia, MD, Century Textiles and Industries Limited (CTIL) said that the apparel fabric demand has been stable in the domestic market. Export markets are severely impacted as rising interest rates are weighing heavily on economic activity worldwide, which has impacted the home-textile business.
Regarding the outlook of textile business, the company said that after introducing ‘Virasat’ and riding on the success of ‘Hill & Glade’, the focus would now be on developing SMART fabrics, i.e., a collection of functional fabrics with special attention to comfort, practicality and durability, and to launch them in domestic as well as international markets.
Domestic apparel demand is expected to remain steady, despite volatile raw material prices, uncertain geopolitical environment and high inflation.
