Century Textiles & Industries saw a multifold jump in its net profit at Rs 120.24 crores for the first quarter ended June 30.

The company posted a net profit of Rs 6.46 crores during the same period the previous fiscal.

Total income during the quarter under review stood at Rs 2,342.76 crores as against Rs 2,320.34 crores in the year-ago period.

The company recognised an income of Rs 28.46 crores on account of revision in estimates of future cash flows based on actual realisation of government grants.

Total expenses during the period were Rs 2,159.46 crores compared to Rs 2,308.01 crores a year ago, down 6.43 per cent.

Mumbai-based Century Textiles and Industries is active in textiles, viscose filament yarns, cement, and pulp and paper.

In the textile business, Century has two revenue streams: cotton fabric and denim units, The company has a vertically integrated plant at Bharuch for manufacturing cotton fabrics.

The cotton division of Century is one of the oldest players in India and manufactures a wide range of premium textiles and supplies to many international players, including Royale Linen, Ralph Lauren, DKNY, Belk and US Polo.

Century Textiles’ financial metrics have declined, mainly due to its high debt. Interest costs have corroded its profit after tax. Besides, due to falling demand and pressure on selling prices of cement, the financial performance of cement units has also suffered.