Century Textiles net profit dips 60% to Rs 28.55cr

Century Textiles and Industries, part of the B K Birla group, has posted a decline of 60.15 per cent in its net profit at Rs 28.55 crore for the quarter ended September compared with Rs 71.64 crore in the corresponding previous quarter. The company's net sales during the period was Rs 868.43 crore against Rs 768.40 crore last year, up 13.02 per cent.

"High input costs, lower realisation coupled with economic slowdown had its impact on the performance. In the current quarter too, it all depends on the market scenario. The recent measures taken by the government and the central bank are positive," said R K Dalmia, president, Century Textiles and Industries.

The company's new textile mill in Bharuch district of Gujarat has began commercial production during the last quarter. "The initial operational difficulties are being addressed and optimum efficiency in terms of production and quality is expected to be achieved by January next year," said the company in a statement.

On the Bombay Stock Exchange, the company's share price closed at Rs 203.55, down 1.86 per cent.