Century Textiles Q2 net profit up 18 pc at Rs 52.7 cr

Century Textiles and Industries today reported a rise of 18.42 per cent in its net profit at Rs 52.7 crore for the September quarter on account of lower expenses.
It had posted a net profit of Rs 44.5 crore in the corresponding period of the previous fiscal.
The company's total income from operations, however, declined to Rs 1,844.57 crore, from Rs 1,997.04 crore in the year-ago period.
During the quarter under review, its total expenses reduced to Rs 1,734.53 crore, from Rs 1,952.13 crore in the corresponding period of the last fiscal.
"Subsequent to the quarter-end, the Supreme Court vide its order dated October 13, 2017 has disposed of the company's special leave petition related to contribution towards District Mineral Fund (DMF) in favour of the company. The company is carrying a provision of Rs 3,134 lakh with respect to such DMF contribution.

"The company is in the process of evaluating the impact of said order including the legal remedy available to the government and accordingly it will make the necessary adjustment on completion of its valuation," Century Textiles and Industries said in a regulatory filing.
The company's scrip today closed 3.59 per cent lower at Rs 1,363.05 apiece on BSE.