Net sales of Century Textiles grew 111 per cent during the quarter. Ebitda (earnings before interest, taxes, depreciation, and amortization) saw a substantial jump of 289 per cent. The manufacturing businesses, in particular, witnessed a strong turnaround on the back of continuous drive towards product innovation, customer centricity and better financial management.
The company had posted a consolidated net loss of Rs 36 crores in the first quarter. The pulp and paper business performed well in the quarter due to a strong demand from the tissue and board segments. The textile business saw a major turnaround supported by a strong demand in the bed linen segment. The real estate business posted a significant jump in collections along with a steady leasing income. The business is expected to accelerate between August to December this year, in both the domestic as well as the export markets.
The upcoming festive season is expected to introduce a new normal for the textile segment. However the short to medium-term outlook for the Indian paper industry appears to be volatile. The packaging board segment is likely to see sustained high demand going forward. An increase in tissue per capita consumption is expected due to rising health and hygiene awareness.