Century Textiles

Slowdown in construction activity, high inventory levels and cost spike key negatives

Century doesn't own 30 acres of land in Worli, it claims to own, says Nusli Wadia in public notice

The firm posted a profit of Rs 25 crore in Q1 FY22 as against a loss of Rs 36 crore in Q1FY21

Some plan to operate at 50% capacity, due to huge inventory piled up with distributors and retailers before the lockdown

The management is confident of sustaining and improving its performance in the second half (October- March) of the year on the back of revenue enhancement measures

Kumar Mangalam Birla joined the board of Century Textiles in 2006 and in 2015 became its vice-chairman.

Century Textiles & Industries today reported a multi-fold jump in its net profit at Rs 120.24 crore for the first quarter ended June 30, mainly on account of lower expenses. The company had posted a net profit of Rs 6.46 crore during the same period previous fiscal, Century Textiles & Industries said in a BSE filing. Total income during the quarter under review stood at Rs 2,342.76 crore, as against Rs 2,320.34 crore in the year-ago period. The company said it has recognised an income of Rs 28.46 crore on account of revision in estimates of future cash flows based on actual realisation of government grants. Total expenses during the period was Rs 2,159.46 crore compared to Rs 2,308.01 crore a year ago, down 6.43 per cent. The stock was trading 5.05 per cent up at Rs 1,285.65 on BSE.

Move aimed at bringing textile, fashion business under one roof

Several firms are moving resolutions to charge shareholders despatch fee and other expenses to answer such queries

Mangalam Cement surged 10% to Rs 216, while Century Textiles up 5% to Rs 512 on the BSE in intra-day trade.