Despite the overall positive performance, turnover of the Textiles business of Century Textiles and Industries (CTIL) declined by 16 per cent in Q3 of current fiscal due to subdued global demand.
The company’s restructuring efforts impacted production levels, further adding to the pressure. However, the company remains optimistic about a moderate sales growth in Q4, fueled by an expected revival in global demand and a shift towards sustainable practices in the industry.
CTIL reported a remarkable turnaround in its fiscal third quarter, with profit soaring 855.3 per cent to Rs 83.30 crore compared to last year. This impressive performance was driven by the company's Pulp & Paper and Real Estate businesses.
The Pulp & Paper business achieved a 24 per cent increase in sales volume and a 10 per cent increase in sales turnover. This success can be attributed to various strategic initiatives, leading to higher production levels and capacity utilisation. While challenges remain in the export market, the company expects stabilisation in writing and printing paper demand and a revival in tissue paper demand.
The Real Estate business also enjoyed a strong quarter, marking its maiden handover process with the Birla Alokya project in Bengaluru. Additionally, occupancy certificates were received for select phases in other projects, paving the way for further handovers in Q4. The launch of a new phase in Mumbai is also anticipated in the coming quarter.
