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27 Years
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Paper & Paper Products company Century Textiles & Industries announced Q3FY24 results:
Financial Highlights:
- Net Sales:
- Standalone: Q3FY24 reported a net sale of Rs 1,130 crore, showing a slight decrease from Q3FY23's Rs 1,149 crore, a change of approximately -2%.
- Consolidated: A slight increase in net sales is observed in Q3FY24 with Rs 1,179 crore compared to Rs 1,150 crore in Q3FY23, reflecting a 3% increase.
- EBITDA:
- Standalone: Substantial growth in EBITDA from Rs 131 crore in Q3FY23 to Rs 251 crore in Q3FY24, a remarkable 92% increase.
- Consolidated: EBITDA has grown to Rs 204 crore in Q3FY24 from Rs 80 crore in Q3FY23, which is a significant increase of 155%.
- PAT (Profit After Tax):
- Standalone: PAT soared to Rs 115 crore in Q3FY24 from Rs 33 crore in Q3FY23, marking a formidable increase of 249%.
- Consolidated: PAT figures are not provided in the presented summary.
Operational Highlights
- Pulp & Paper Business:
- Sales volume saw a 24% increase in Q3FY24 compared to Q3FY23.
- Sales Turnover rose more than 10% to surpass Rs 799 crore in Q3FY24 from the previous quarter Q2FY24.
- Reported capacity utilization was 104% in Q3FY24, an improvement from 89% in Q2FY24.
- Real Estate Business:
- Began the delivery and handover process for Birla Alokya, Bengaluru.
- Occupancy Certificate obtained for Birla Vanya, Kalyan, and Birla Navya, Gurugram, with handovers planned for Q4.
- Transition to 100% green energy for Birla Aurora.
- Textiles Business:
- Noted a decrease in turnover by 16% to Rs 197 crore in Q3FY24 from Q2FY24's Rs 235 crore.
- Capacity utilization has decreased slightly to 83% in Q3FY24 from 86% in Q2FY24.
Future Outlook
- Pulp & Paper Business: Expected price corrections amidst improving export demand and tissue paper demand predicted to remain stable in the fourth quarter.
- Real Estate Business: Anticipating consistent growth driven by luxury housing demand, with superior amenities and designs gaining buyer interest.
- Textiles Business: The sector may see steadier growth focusing on sustainable value chains and digital printing technologies.
Commenting on the Q3FY24 results, R. K. Dalmia - Managing Director, Century Textiles and Industries (CTIL) said- "The company has showcased a remarkable turnaround this quarter as a testament to its resilience. Stellar performance by the Pulp and Paper business achieving higher production levels and sales volumes this quarter, as a result of various strategic initiatives. The Real Estate business not only initiated its maiden handover process in style but also contributed significantly to the bottom line in this quarter while continuing its steadfast growth. Meanwhile, our Textiles business continues to experience challenges due to subdued demand in export markets."
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