The Hindu Business Line : Century Text Q1 net dips 40%, sales up 14%

Mumbai, July 22 Century Textiles and Industries Ltd, with diversified interest in textiles, cement and paper, has reported a 40 per cent dip in net profit at Rs 62 crore in the first quarter ended June 30, against Rs 104 crore recorded in the same period last year.

Net sales increased 14 per cent to Rs 952 crore (Rs 837 crore).

“The steep rise in raw material cost across categories especially cement has hit the bottomline. Cement accounts for 50 per cent of the company’s total sales,” said an analyst.

Though sales improved across segments, profit margins were impacted by high input cost.

Cement business profit in the quarter fell 20 per cent to Rs 117 crore against Rs 146 crore last year, while pulp and paper profits dropped six per cent to Rs 30 crore (Rs 32 crore) and textiles recorded a loss of Rs 9 crore (Rs 11 crore).

Cement sales in the quarter improved nine per cent to Rs 515 crore (Rs 472 crore), textiles up seven per cent at Rs 170 crore (Rs 158 crore) and paper and pulp sales rose 20 per cent to Rs 248 crore (Rs 205 crore).

Salt, chemicals and floriculture business sales jumped 143 per cent to Rs 42 crore (Rs 17 crore), while profit was up to Rs 7 crore (Rs 1 crore).

The company’s shares on BSE were up 1.06 per cent at Rs 479 on Tuesday.

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