Century Textiles, led by R K Dalmia, has reported a significant decrease in its Q2FY24 standalone net profit, according to a recent filing with the BSE. The company's standalone net profit fell by 84.06% to Rs 15.28 crore, marking a sequential drop of 35.52% from Rs 23.7 crore in Q1FY24.
On Friday, the company also revealed a consolidated net loss for Q2FY24 of Rs 32.87 crore, contrasting sharply with a net profit of Rs 69.97 crore in the same quarter of the previous fiscal year, Q2FY23. Standalone and consolidated incomes also faced year-over-year falls of 9.13% and 10.24% respectively.
As per InvestingPro data, Century Textiles' market cap stands at 140.15M USD and the company's revenue for LTM2023.Q2 is 461.57M USD, showing a growth of 5.35%. Interestingly, the gross profit margin for the same period is 45.68%, which is considered impressive in the Paper and Forest Products industry, as suggested by InvestingPro Tips.
Despite these financial setbacks, Century Textiles reported some positive developments in its business operations. The company's pulp and paper business saw an 8% increase in sales volumes. Additionally, its real estate business demonstrated strong sales performance and made acquisitions with high development potential, thereby strengthening its presence in the sector.
InvestingPro Tips also highlights that Century Textiles has maintained dividend payments for 23 consecutive years and operates with a moderate level of debt. This suggests that the company has a strong track record of financial stability, which may be a positive sign for potential investors.
As of Friday afternoon, Century Textiles' stock was trading at Rs 1,083.05 on the BSE exchange. The InvestingPro Fair Value of the stock is 7.73 USD, which may be an interesting point of comparison for those considering an investment.
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