Higher operational efficiency and improved market demand have enabled Century Textiles and Industries (CTIL) to post a 78% increase in its consolidated net profit at Rs 45 crore for the quarter ended June 30. Its net profit stood at Rs 25 crore during the corresponding period a year ago, according to a regulatory filing by the company
The BK Birla Group company’s consolidated net sales have increased 41% to Rs 1,172 crore during the first quarter of FY23 against Rs 832 crore during the same period last fiscal. The company’s consolidated earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 22% year-on-year to Rs 143 crore during the first quarter of the current financial year compared to Rs 117 crore during the corresponding period the previous year.
The strong quarterly performance comes on the back of high operational efficiency and improved market demand, claimed JC Laddha, managing director of CTIL. “The textile business witnessed impressive growth, mainly supported by good demand for apparel fabrics. The Pulp and Paper business has performed exceptionally well in the paper and tissue segment. On account of strong consumer confidence in the brand and improved demand in the ongoing residential upcycle, real-estate business too did well during the quarter,” he said.
As far as the textile business is concerned, CTIL’s turnover has increased by 31% to Rs 268 crore in Q1FY23 as compared to Rs 205 crore in Q1FY22. The company’s Pulp and Paper business posted sales of Rs 857 crore during the quarter compared to the previous year’s Rs 577 crore in the corresponding period indicating a 49% increase in the sales.