For the second quarter Century Textiles & Industries’ net profit jumped nearly threefold. Net sales were up 8.83 per cent during the quarter under review as against the corresponding period last fiscal.
Profit before interest, depreciation and tax jumped 40 per cent. Total expenses rose 8.35 per cent. Revenue from the textile segment surged 37.83 per cent. Revenue from cement was up 16.84 per cent. Revenue from pulp and paper was up 28.04 per cent.
The company’s debt stood at around Rs 4,200 crores as at September 30, 2018, and after the demerger of the cement division, it will be reduced by Rs 3000 crores, putting it in a strong position to deliver robust growth going forward.
Mumbai-based Century Textiles and Industries is active in textiles, viscose filament yarns, cement, and pulp and paper. In the textile business, Century has two revenue streams: cotton fabric and denim units. The company has a vertically integrated plant at Bharuch for manufacturing cotton fabrics.
Century’s cotton division is one of the oldest players in India and manufactures a wide range of premium textiles and supplies to many international players, including Royale Linen, Ralph Lauren, DKNY, Belk and US Polo. Minority shareholders gave a thumping support to the company’s decision to sell its cement assets.
