Shares of Century Textiles and Industries Ltd, the Aditya Birla Group company engaged in manufacturing of textiles, pulp and paper, and real estate, dropped for the fourth straight session on Wednesday to hit their lowest level in 52 weeks intraday.
Last month, the company reported a 9.5 percent growth in consolidated revenue for the December quarter to Rs 1,150 crore.
The company said that the moderate overall performance came amidst global recessionary conditions marked by high inflation, rising interest rates, low levels of business and consumer confidence in developed economies.
The company’s textile business took a hit during the quarter due to poor demand in the sector. Turnover for the segment decreased by 10 percent to Rs 237 crore.
“In apparel fabrics, demand was at a moderate level and constant whipsaws in input prices led to volatility in sales of garments and fabrics. In bedlinen, rise in interest rates and borrowing costs as well as unending geo-political crises weighed heavily on home textile end-consumers export markets amid recessionary concerns,” the company had said in a post-earnings statement.
