Century Textiles and Industries Ltd. swung to profit during the first quarter of this financial year.
The manufacturing and supply firm reported a bottom line of Rs 17.4 crore in the quarter-ended June as compared with a loss of Rs 7.1 crore during the same quarter in the previous fiscal, according to its stock exchange notification on Tuesday.
Revenue of the Aditya Birla unit rose 28.5% year-on-year in the three months-ended June to Rs 1,149 crore. Operating income, or earnings before interest, taxes, depreciation and amortization fell 24% during the period on a yearly basis to Rs 107 crore, while the Ebitda margin contracted to 9.3% from 15.7% during the same period a year ago.
The company's board of directors also approved the proposal to raise Rs 1,000 crore in one or more tranches. The fund will be raised through the issue of unsecured, listed, rated, redeemable or non-convertible debentures of the company on a private placement basis.
The fundraising is also subject to regulatory and statutory approvals, the company added.
Shares of the company rose as much as 8.26%, the highest level since July 10, before paring gains to trade 5.55% higher at Rs 2,215.05 apiece as of 3:04 a.m. That compares to a 0.20% advance in the NSE Nifty 50. The stock has risen 81.82% year-to-date and 132.70% in the last 12 months.
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