Century Textiles and Inds Q1 results: Reports net loss of Rs 36 cr due to lockdown disruptions

NEW DELHI: Century Textiles and Industries on Tuesday reported a consolidated net loss of Rs 36.36 crore for June quarter 2020-21, impacted by the disruptions due to lockdown.

The company posted a net profit of Rs 69.35 crore in April-June 2019-20, Century Textiles and Industries Ltd (CTIL) said in a BSE filing.

Total income was down 53.68 per cent to Rs 409.74 crore as against Rs 884.71 crore in the year-ago quarter.

According to the company, as the lockdown was in force for a significant period of the quarter, the Group's operations were impacted. However, the management believes that the impact is short-term and temporary in nature, it said.

This was a challenging quarter and while we recoup from the impact of the pandemic, our focus remains on creating value for our stakeholders. We are focussing on digitalisation and customer connect during these trying times," Managing Director JC Laddha said.

Total expenses were Rs 458.17 crore in the quarter under review as against Rs 770.12 crore in the year-ago period, down 40.50 per cent.

Revenue from textiles was down 72.33 per cent to Rs 54.32 crore as against Rs 196.37 crore earlier.

Pulp and paper segment revenue was down 51.65 per cent to Rs 299.55 crore in the quarter.

Pulp & Paper Division clocked a capacity utilization of 57 per cent in Q1, despite the COVID-19 situation? it said.

However, revenue from real estate business reported a marginal growth to Rs 36.03 crore as against Rs 35.75 crore.

We are also capitalising on the opportunities the pandemic has opened up for our businesses. We have seen high demand for our health-based product line of Masks at Birla Century and the board segment in Pulp and Paper business. Real Estate has also seen a spike in enquiries and encouraging sales during this difficult period which is a testimony to the power of the brand? said Laddha.

Shares of the company on Tuesday settled at Rs 302.70 apiece on BSE, down 2.83 per cent from the previous close.