Century Textiles Q3 net profit jumps 855 percent to Rs 83 crore

Century Textiles and Industries Limited (CTIL) reported an 855 percent surge in net profit to Rs 83 crore ($10.1 million) for the third quarter of the financial year 2023-24, as against Rs 9 crore in the year ago period.

The company’s revenue for the quarter rose by 9 percent to Rs 1,272 crore, as against Rs 1,169 crore reported in the corresponding quarter of the previous fiscal year.

Commenting on the results, RK Dalmia, managing director of Century Textiles and Industries Limited in a statement said, “The company has showcased a remarkable turnaround this quarter as a testament to its resilience. Stellar performance by pulp and paper business achieving higher production levels and sales volumes this quarter, because of various strategic initiatives. Meanwhile, our textiles business continues to experience challenges due to subdued demand in export markets.”

Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.