Century Textiles | Q3FY22 Century Textiles reports 67.56 pc dip in Q3 FY22
Mumbai/UNI: Diversified firm Century Textiles and Industries on Thursday reported a 67.56 per cent decline in consolidated net profit for the quarter ended December 31, 2021 at Rs 12 crores, mainly on the back of higher expenses.
The company had reported a net profit of Rs 37 crores in the corresponding quarter last fiscal.
Its net sales for the October- December quarter increased by around 39 per cent to Rs 1,050 crores from Rs 758 crores a year-ago.
The company’s total expenses increased to Rs 1,035.86 crores as compared to Rs 769.11 crores in Q3 FY2021, it said in a regulatory filing.
"Century Textiles and Industries continues to demonstrate resilience across its diversified businesses on the back of improved market sentiment, efficient business operations and adoption of best industry practices,” its Managing Director J C Laddha said in a statement.
He said the pulp and paper business saw robust sales, despite the impact on demand due to the new Covid-19 variant towards the end of the quarter. Also, growth in the textiles business was aided by good demand in domestic as well as international markets.
In the real estate business, a major milestone was attained as the company received all approvals for its flagship project Birla Niyaara at Century Mills at Worli, Laddha noted.
“Demand in tissue segment remained strong with rising general awareness towards hygiene and sanitation and good order flow in board segment from pharma, FMCG and food sectors,” it said.
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