Century Textiles & Industries (CTIL) on Monday reported nearly three-fold jump in its standalone net profit of Rs 156.52 crore for the second quarter ended September 30.
The company, which has received shareholder’s nod to sell its cement assets to Ultratech on October 24, had posted a net profit of Rs 52.78 crore in the July-September quarter a year ago, CTIL said in a BSE filing.
Its net sales stood at Rs 1,949.77 crore, up 8.83 per cent, during the quarter under review as against Rs 1,791.53 crore in the corresponding period last fiscal.
“Profit before Interest, Depreciation and Tax jumped 40 per cent to Rs 393.44 crore vis-a-vis Rs 280.84 crore in the corresponding period of the previous year,” the company said in a statement.
Century Textiles total expenses rose 8.35 per cent to Rs 1,879.42 crore, compared to Rs 1,734.53 crore.
CTIL’s revenue from textile segment surged 37.83 per cent to Rs 238.79 crore, as against Rs 384.13 crore.
While revenue from cement was up 16.84 per cent to Rs 977.01 crore in the second quarter this fiscal, it was Rs 836.14 crore in the corresponding period a year ago.
“In the NCLT convened Shareholder’s meeting on October 24, 2018, minority shareholders showed full confidence and gave a thumping support to the Company’s decision to sell its cement assets at an enterprise value of Rs 8,621 crore with 81.39 per cent votes in favour of the decision,” the company informed.
CTIL’s Pulp and Paper’s revenue was up 28.04 per cent at Rs 690.66 crore as against Rs 539.39 crore.
Over the outlook, the company said its “debt stood at around Rs 4,200 crore as at September 30, 2018 and after the demerger of cement division, it will be reduced by Rs 3,000 crore putting it in a strong position to deliver robust growth going forward”.