Despite the second wave impacting business operations, Century Textiles & Industries on Thursday reported net income of Rs 54 crore and revenue of Rs 998 crore on a stand-alone basis during the quarter ended September. He had posted a net income of Rs 5 crore and an income of Rs 600 crore during the period of the previous year, which was ravaged by the first wave of the pandemic.
The Birla group company attributed this strong performance to higher operational efficiency and a recovery in market sentiment. Despite the disruption caused by the pandemic, its chief executive JC Laddha said they could deliver resilient performance as manufacturing companies have shown great results due to a healthier business environment, robust productivity and financial prudence.
The pulp and paper vertical sector had the best quarter on record in terms of production and sales, mainly supported by higher volume of value-added products and new products. Textile activity rebounded strongly thanks to robust domestic demand, while real estate reacted strongly to the launch of phase II of the Kalyan project.
Pulp and Paper business recorded the highest throughput with 101% capacity utilization, while sales increased 64% due to a clear improvement in demand for the writing papers segment and printing. The real estate industry has seen robust collections in all projects thanks to strong connection and customer awareness.
During the quarter he launched the second phase of Birla Vanya in Kalyan which received a strong response. The company’s two business assets, Birla Aurora and Birla Centurion, continue to generate stable rents, he said.
Textiles business has rebounded, with factories operating at 91% of capacity from 68% last year, and sales are up 109% from a year ago.