Century Textiles Q2FY24 result: Net loss widens to Rs 32 crore QoQ

The consolidated net loss of Century Textiles for Q2FY24 stood at Rs 32.87 crore. On YoY basis, the net profit stood at Rs 69.97 crore. In Q1FY24, the net loss stood at Rs 7.06 crore

The standalone net profit of Century Textiles for the second quarter of the current financial year (Q2FY24) saw a fall of 84.06 per cent to Rs 15.28 crore, compared to Rs 95.9 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was down 35.52 per cent. In Q1FY24, the net profit of the company was Rs 23.7 crore.

The consolidated net loss of Century Textiles for the second quarter of the current financial year (Q2FY24) stood at Rs 32.87 crore, the company said in a BSE filing. However, in the corresponding quarter of the previous year, the net profit stood at Rs 69.97 crore. In Q1FY24, the net loss stood at Rs 7.06 crore.

The total standalone income for Q2FY24 came in at Rs 1,133.88 crore, compared to Rs 1,247.87 crore y-o-y, registering a fall of 9.13 per cent. On a q-o-q basis, the total income was down 1.59 per cent. It was Rs 1,152.27 crore in Q1FY24.

The total consolidated income for Q2FY24 came in at Rs 1,114.88 crore, compared to Rs 1,242.11 crore y-o-y, registering a fall of 10.24 per cent. On a q-o-q basis, the total income was down 0.93 per cent. It was Rs 1,125.38 crore in Q1FY24.

R K Dalmia, managing director, Century Textiles and Industries Limited (CTIL), said, "The company has weathered the impact of changing market dynamics, even amid a string of geopolitical crises affecting global demand, with its robust and sustainable manufacturing practices. The pulp and paper business performed consistently well, achieving better sales volumes during the quarter. The real estate business has not only showcased stellar sales performance during the quarter but has also strengthened its sectoral presence with high development potential acquisitions..."

In a press release, the company stated that its sale volumes of the pulp and paper business in Q2FY24 increased by 8 per cent.

At 1:23 pm, the Century Textiles stock was trading at Rs 1,083.05.