Market

Century Textiles surges 15%, hits record high on robust Q1 results

Shares of Century Textiles and Industries moved larger by 15 per cent to Rs 783.80, additionally its record high on the BSE in intra-day commerce on Wednesday after the company reported a consolidated web revenue of Rs 25 crore for the quarter ended June 2021 (Q1FY22), on the again of robust operational efficiency. The company had posted a consolidated web lack of Rs 36 crore in Q1FY21.

The stock rebound 17 per cent from its intra-day low of Rs 668.85 to surpass its earlier high of Rs 736 touched on July 19, 2021. In comparability, the S&P BSE Sensex was down 0.44 per cent or 233 factors at 52,346 factors round 02:55 pm.



Net gross sales in the course of the quarter noticed a big development of 111 per cent year-on-year (YoY) at Rs 832 crore, in opposition to Rs 394 crore within the corresponding quarter of the earlier fiscal. Ebitda (earnings earlier than curiosity, taxes, depreciation, and amortization) noticed a considerable soar of 289 per cent YoY to Rs 117 crore as in comparison with the identical quarter in FY21.

The manufacturing companies, specifically, witnessed a powerful turnaround on the again of steady drive in the direction of product innovation, buyer centricity and higher monetary administration, the company stated.

The pulp & paper business carried out nicely within the quarter resulting from robust demand from tissue and board segments. The textiles business noticed a serious turnaround supported by robust demand within the mattress linen phase. The actual property business posted a big soar in collections together with regular leasing earnings.

On the outlook, the administration stated the upcoming festive season ought to introduce a brand new regular for the textile phase. The business is anticipated to speed up between August to December this year, in each the home in addition to export markets.

Considering the current financial atmosphere and the uncertainty over the third wave, the brief to medium-term outlook for the Indian paper business seems to be unstable. “WPP will face some challenges till the educational institutions, offices etc, reopen. The packaging board segment is likely to see sustained high demand going forward. An increase in tissue per capita consumption is expected due to rising health and hygiene awareness,” it stated.

As regards the actual property phase, the administration stated financial exercise is anticipated to realize momentum over the approaching quarters, led by beneficial financial situations, considerable liquidity, and optimism from the vaccine rollout. Changes introduced ahead by the pandemic by way of gross sales, digitisation and predisposition in the direction of branded builders would speed up the expansion of the sector, it stated.

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