Century Textiles and Industries's Q4 profit more than doubles to Rs 228 cr

Century Textiles and Industries Ltd (CTIL) Friday reported a standalone net profit of Rs 227.62 crore for the fourth quarter ended March 2019.

It had posted a net profit of Rs 108.69 crore in the January-March quarter a year ago, Century Textiles said in a BSE filing.

The company's total income during the quarter was Rs 1,008.54 crore. It was Rs 993.32 crore in the corresponding quarter of the previous fiscal.

CTIL's total expenses stood at Rs 765.38 crore.

Meanwhile, the company said its results are not comparable as it had granted right to manage and operate its Viscose Filament Yarn business, part of the Textile segment, to Grasim Industries for 15 years from February 1, 2018, which has paid an upfront royalty of Rs 600 crore.

"Accordingly, the figures of the quarter and year ended March 31, 2019 are strictly not comparable with the quarter and year ended March 31, 2018," it said.

On October 24, 2018, CTIL had got shareholders approval to demerge its cement business, including all assets and liabilities and borrowings of Rs 3,000 crore, to UltraTech Cement Ltd in a share swap deal.

"The scheme is yet to be approved by the National Company Law Tribunal. Accordingly, the assets and liabilities of cement business are classified as assets held for distribution and the results of the operations have been classified as discontinued operations," CTIL said.

For the entire financial year 2018-19, CTIL profit was Rs 681.07 crore. It was Rs 371.66 crore in the previous year.

Its total income in the previous fiscal stood at Rs 4,040.09 crore. It was Rs 3,992.62 crore in 2017-18.

Meanwhile, in a separate filing, CTIL told the BSE that its board in a meeting held on Friday recommended a dividend of Rs 7.50 per share of Rs 10 each equivalent to 75 per cent on paid-up equity share capital of the company for the year ended March 31, compared with 65 per cent paid for the previous year for the year.

Shares of Century Textiles and Industries Ltd on Friday were trading at Rs 941.70 on the BSE, up 1.34 per cent from the previous close.