Kolkata, Oct 20 (UNI) Century Textiles and Industries Ltd. (CTIL) a commercial powerhouse with
interests in diverse industries highlighted its resilient performance amidst challenging market conditions on account of the pandemic-induced shutdowns.
Given the unprecedented disruption, this quarter cannot be compared with previous quarters.
Currently, the business house is a trendsetter in cotton textile and also has a remarkable presence in the Pulp & Paper and real estate sectors.
Commenting on the Q2 results, Mr JC Laddha MD, Century Textiles and Industries Limited (CTIL) said “The first half of FY21 has been a challenging period for all businesses due to the pandemic. CTIL’s inherent resilience, strong customer relationships, diversified play, and focus on cash flows has helped tide through this period of turmoil.
The company’s thrust on digitization is yielding results, as demonstrated by the performance of the real estate business. The upcoming festive period presents an opportunity for our textiles business with a likely uptick in demand from the retail sector. The gradual relaxation of lockdown restrictions will have a positive impact on our Paper and Pulp business. The company continues to give utmost primacy to the safety of its employees.”
Highlighting the Real estate Business, gradual easing of the lockdown enabled construction work and customer visits which helped regain momentum at the sales sites.
Innovative online formats like virtual walkthroughs were devised to engage with customers.
The quarter witnessed good traction in sales and collections across all launched projects (Birla Vanya at Kalyan, Birla Alokya at Bengaluru, and Birla Navya at Gurugram) with Rs 96 Cr worth inventory sold in Q2 FY 21.
The total sales in H1 FY 21 stands at Rs 128 Cr.
Site Operations at launched projects in Kalyan and Bengaluru are underway with primacy to safety of all stakeholders. The occupancy rate at our two commercial assets, Birla Aurora and
Birla Centurion remains at a high level ensuring stable lease rentals.
Textile business performance in the second quarter was aimed at coming back to near normal while keeping all COVID-19 protocols in place.
Textile business made a concerted push to maintain optimum capacity utilization, and in September the plant was running at around 74pc capacity.
There has been an improvement in orders from the export market for Bed Linen. However, demand in the domestic apparel market is muted as the fashion retail business is yet to pick up.
Progress on new initiatives continued with the launch of anti-microbial and anti-viral products in collaboration with HEIQ and DUPONT.
Pulp & Paper Division clocked a capacity utilization of 73pc in Q2 despite the COVID-19 disruption Real Estate business witnessed strong traction in sales and collections across all three cities and projects in this quarter.
Textile Division operated at 74pc capacity towards the end of the quarter despite the pandemic.
UNI XC RN