Century Textiles and Industries Limited (CTIL) on Friday announced its fiscal third quarter profit for the financial year 2023-24 at Rs 83.30 crore, up 855.3 per cent in comparison to Rs 8.72 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 1271.94 crore, up 8.8 per cent as against Rs 1168.68 crore during the third quarter of FY23. The company EBITDA stood at Rs178 crore.
RK Dalmia, Managing Director, Century Textiles and Industries Limited (CTIL), said, “The company has showcased a remarkable turnaround this quarter as a testament to its resilience. Stellar performance by Pulp and Paper business achieving higher production levels and sales volumes this quarter, as a result of various strategic initiatives. The Real Estate business not only initiated its maiden handover process in style but also contributed significantly to the bottom-line in this quarter while continuing its steadfast growth. Meanwhile, our Textiles business continues to experience challenges due to subdued demand in export markets.”
Q3 performance across segments
Pulp & Paper Business posted sales volume growth of 24 per cent on-year during Q3FY24. Sales turnover during the quarter increased by over 10 per cent as compared to Rs 799 crore in Q2FY24 and capacity utilisation in Q3 was 104 per cent as compared to 89 per cent in Q2. “Writing & Printing paper demand is expected to stabilize through government tenders in Q4. Adequate supply of Copier and Non-copier paper imports from ASEAN countries to impact price corrections despite marginal revival of seasonal demand,” the company said. Exports demand is expected to revive with better realization. Rise in Tissue paper demand is expected to sustain in Q4.
Real Estate business initiated delivery and handover process of Birla Alokya, Bengaluru project. The company received OC for select phases at Birla Vanya, Kalyan and Birla Navya, Gurugram and handover planned in Q4. The new phase launch of Birla Niyaara at Worli Mumbai, it said, is slated for Q4.
Textile business reported a turnover drop of 16 per cent to Rs 197 crore in Q3FY24 as against Rs 235 crore in Q2FY24. The company said that the restructuring of operations has affected production levels with the added impact of subdued global demand. “The textiles sector continues to experience moderate but steady growth in the domestic market. However, adverse economic conditions in major export markets and ongoing geopolitical tensions have subdued export demand. With US markets showing signs of revival, global demand is expected to improve in Q4. Change in consumer spending dynamics has resulted in manufacturers shifting focus towards end-to-end sustainable value chains, garmenting with new styles using new blends by incorporating natural and man-made fibres in functional fabrics, and use of digital printing technologies. Going ahead we expect a moderate sales growth adhering to the expected revival in global demand,” it said.
