Century Textiles Reports Second Quarter FY22 Net Income of Rs 54 crore, Real Estate News, ET RealEstate

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MUMBAI: Despite the second wave impacting business operations, Century Textiles & Industries on Thursday reported net income of Rs 54 crore and revenue of Rs 998 crore on a stand-alone basis during the quarter ended September. He had posted a net income of Rs 5 crore and an income of Rs 600 crore during the period of last year, which was ravaged by the first wave of the pandemic.

The Birla group company attributed this strong performance to higher operational efficiency and a recovery in market sentiment.

Despite the disruption caused by the pandemic, its chief executive JC Laddha said they could deliver resilient performance as manufacturing companies have shown excellent results due to a healthier business environment, robust productivity and financial prudence.

The pulp and paper vertical sector had the best quarter on record in terms of production and sales, mainly supported by higher volume of value-added products and new products.

Textile activity rebounded strongly thanks to robust domestic demand, while real estate reacted strongly to the launch of phase II of the Kalyan project.

The pulp and paper business recorded the highest throughput with a capacity utilization of 101 percent, while sales increased 64 percent due to a marked improvement in demand for the paper segment of writing and printing.

The real estate industry has seen robust collections in all projects thanks to strong connection and customer awareness.

During the quarter he launched the second phase of Birla Vanya in Kalyan which received a strong response.

The company’s two business assets, Birla Aurora and Birla Centurion, continue to generate stable rents, he said.

Textiles business rebounded, with factories operating at 91% of capacity, up from 68% last year, and sales were up 109% from a year ago.


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