Net Profit At Century Textiles Plummets 97% In Q4FY’24
Century Textiles & Industries Ltd posted a 97 percent drop in net profit to Rs 4 crore for the fourth quarter ended March 31, 2024 compared to Rs 145 crore in the year ago quarter.
However, revenues in the January to March 2024 quarter grew 60 percent to Rs 1,542 crore, up from Rs 965 crore in the same period of earlier fiscal.
Revenue at the Aditya Birla Group company for the 12 months to March 31, 2024 rose 13.15 percent to Rs 4263.96 crore as against Rs 3768.55 crore during the previous fiscal ended March 31, 2023.
Net profit declined 81.41 percent to Rs 50.53 crore in fiscal 2023-24 vis-à-vis Rs 271.88 crore during full fiscal 2022-23.
At the beginning of the previous fiscal, Century Textiles took a decision to initiate a process of restructuring the company’s textile operations at Birla Century’s Bharuch plant.
In its earnings report, Century Textiles stated that the board approved the proposal to discontinue all operations at the Birla Century Bharuch unit.
However some minor manufacturing operations and other allied activities related to supply of yarn to Birla Advanced Knits Private Limited, a joint venture with Grasim Industries will continue.
Founded in 1897, Century Textiles specialises in textiles including cotton textiles, yarn, denim, and viscose filament rayon yarn.
