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Century Textiles and Industries posts net loss of Rs 10.35 cr in Q2

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Century Textiles and Industries posts net loss of Rs 10.35 cr in Q2

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The company posted a "resilient performance amidst challenging market conditions on account of the pandemic-induced shutdowns," CTIL said in a post-earnings statement.

Century Textiles and Industries posts net loss of Rs 10.35 cr in Q2
Century Textiles and Industries Ltd on Monday reported a consolidated net loss of Rs 10.35 crore for the quarter ended September 2020. The company had posted a net profit of Rs 187.34 crore in the July-September period a year ago, Century Textiles and Industries Ltd (CTIL) said in a BSE filing. Net sales dropped 30.01 percent to Rs 595.77 crore as against Rs 851.23 crore in the corresponding quarter of the preceding fiscal.
The company posted a "resilient performance amidst challenging market conditions on account of the pandemic-induced shutdowns," CTIL said in a post-earnings statement. The company's MD J C Laddha said, "The first half of FY21 has been a challenging period for all businesses due to the pandemic.
CTlL's inherent resilience, strong customer relationships, diversified play, and focus on cash flows has helped tide through this period of turmoil. The company's thrust on digitisation is yielding results, as demonstrated by the performance of the real estate business."
The company's total expenses stood at Rs 629.23 crore in Q2 FY21 as against Rs 802.62 crore earlier. Revenue from textiles slipped 30.38 percent to Rs 137.20 crore as against Rs 197.09 crore. Pulp and paper segment revenue fell 31.94 percent to Rs 419.16 crore as compared to Rs 615.93 crore in Q2 FY20.
However, revenue from real estate reported a growth of 1.71 percent to Rs 35.57 crore as against Rs 34.97 crore.
"The pandemic has no doubt been a disruptive force over the first 2 quarters. However, with the gradual opening up of the economy, we expect the second half of the fiscal to be a lot better for all the businesses," it added. Shares of Century Textiles and Industries Ltd on Monday settled at Rs 320.45 on BSE, down 0.34 percent from its previous close.
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