Century Textiles and Industries (CTIL) has reported net consolidated loss after tax of Rs 7.06 crore during the quarter ended June 30, 2023. It had recorded net consolidated profit after tax of Rs 45.40 crore in corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,125.38 crore in Q1 FY24, a dip of 5.75 per cent from Rs 1,194.01 crore it recorded in the similar quarter last year.
Its real estate segment reported revenue of Rs 37.39 crore, up 13.23 per cent from Rs 33.02 crore it saw in Q1 FY23.
R.K. Oalmia, managing director of the company said, “The real estate business, riding the upcycle in the sector, has acquired three significant projects in three metro cities. The stability of mortgage rates although at slightly higher levels, will primarily affect the affordable housing segment. Therefore, our focus on the luxury segment, coupled with the burgeoning demand for premium housing encourages us to remain positive on the sector’s promising future.”
During the quarter the company acquired projects in – Pune having gross potential of Rs 2,500 crore, Mumbai having gross potential of Rs 600 crore and Bengaluru having gross potential of Rs 2,500 crore.
During the period the company has granted loan of Rs 1,107.70 crore to its wholly-owned subsidiary for the purpose of purchase of land parcels across various locations in India for its real estate business, the company said in the regulatory filing.
As on June 30, 2023, the company’s net worth of Rs 3,959.38 crore, debt-equity ratio stood at 0.49, current liability ratio was 0.74, total debts to total assets was 0.21, operating margin was 6.08% and net profit margin was 0.63%.