Century Textiles slips on posting Q2 net loss of Rs 10 cr

Century Textiles & Industries fell 1.34% 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.

Oct 19, 2020 03:10 IST capital market

Revenue from operations fell 31.38% to Rs 607.49 crore in Q2 September 2020 from Rs 885.3 crore in Q2 September 2019. The result was announced during market hours today, 19 October 2020.

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 company in its press release said that the current quarter cannot be compared with previous quarters due to unprecedented disruption due to lockdown and other restrictions placed by the various government agencies.

Commenting on the Q2 results, JC Laddha MD, Century Textiles and Industries said, The first half of FY21 has been a challenging period for all businesses due to the pandemic. CTILs inherent resilience, strong customer relationships, diversified play, and focus on cash flows has helped tide through this period of turmoil. The companys thrust on digitization is yielding results, as demonstrated by the performance of the real estate business. The upcoming festive period presents an opportunity for our textiles business with a likely uptick in demand from the retail sector. The gradual relaxation of lockdown restrictions will have a positive impact on our Paper and Pulp business. The company continues to give utmost primacy to the safety of its employees.

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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