Century Textiles’ revenues dip by 1.34%

The revenues of Century Textiles & Industries fell 1.34 per cent to Rs 317.25 after the company posted a consolidated net loss of Rs 10.35 crore in Q2 September 2020 as against net profit of Rs 187.34 crore in Q2 September 2019.

As per a Business Standard report, the company’s revenue from operations fell by 31.38 per cent to Rs 607.49 crore in Q2 September 2020 from Rs 885.3 crore in Q2 September 2019.

The company posted a pre-tax loss of Rs 8.69 crore in Q2 September 2020 as against Rs 87.10 crore in Q2 September 2019. The first half of FY21 has been a challenging period for all businesses due to the pandemic. CTIL'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 digitization is yielding results, as demonstrated by the performance of the real estate business.

The upcoming festive period presents an opportunity for its textiles business with a likely uptick in demand from the retail sector. The gradual relaxation of lockdown restrictions will have a positive impact on its paper and pulp business. Century Textiles and Industries is a commercial powerhouse with interests in diverse industries.

Currently, the business house is a trendsetter in cotton textile and also has a remarkable presence in the pulp & paper and real estate sectors.

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