Century Textiles & Industries, an Aditya Birla Group affiliate, saw its stock rise 16.6 percent when the business published its quarterly profits on Wednesday. The company earned Rs 25 crore in Q1 FY22, compared to a loss of Rs 36 crore in Q1 FY21. The company’s sales went up 111 per cent at Rs 832 crore in Q1FY22 as against Rs 394 in Q1FY21.
The company’s stock opened at Rs 686 apiece, touched intra-day high of Rs 819.50 and closed at Rs 796.35. The company also announced it has obtained Intimation of Disapproval for its real estate project in Century Mills site at Worli in Mumbai. The real estate arm of Century Textiles will be launching a super-premium project at the Worli site that will have a revenue potential north of Rs 10,000 crore.
JC Laddha, managing director of Century Textiles, expects to formally begin the Worli project by October. The project, located near the Kamla Mills Compound in downtown Mumbai, would consist of three 65-story buildings on a vast 20-acre property. The total number of storeys will be determined by the FSI allowed by the municipal corporation.