Century Textiles & Industries on Tuesday reported 57.37 per cent decline in consolidated net profit at Rs 35.88 crore for December quarter 2019-20 due to sluggish market conditions.
The company had posted a profit of Rs 84.17 crore in October-December period a year ago, Century Textiles & Industries said in a regulatory filing.
Total income during the quarter under review was down 7.98 per cent to Rs 882.99 crore as against Rs 959.64 crore in the year-ago period.
"While the market has been sluggish our sales have been good and in this quarter we have tapped the e-commerce platform through tie-up with Amazon for textiles at the US market. Our real estate venture has been progressing well and will soon be launching our third residential project in the coming quarter.
"The Pulp and Paper division too has been impacted by the global downturn however we are operating at full capacity. We are confident that in the fourth quarter we will see a better all-round performance," he said.
Century Textiles & Industries' total expenses were at Rs 806.48 crore as against Rs 822.09 crore, down 3.24 per cent.
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BK Birla group firm has demerged its cement business, including all assets and liabilities and borrowings of Rs 3,000 crore, to UltraTech Cement in a share-swap deal.
"Pursuant to the scheme becoming effective, the Cement Business Division is demerged from the Holding Company and transferred to UltraTech with effect from May 20, 2018 i.e. the Appointed Date," it said.
It operates in textiles, pulp and paper and real estate sectors besides others.
Shares of Century Textiles & Industries on Tuesday settled at Rs 615.65 apiece on the BSE, down 0.66 per cent from the previous close.