Kumar Mangalam Birla, chairman of the 40 billion US dollar Aditya Birla Group, has been appointed as vice chairman of Century Textiles and Industries.
The company has informed the BSE that its board of directors, at their meeting on October 30, appointed KM Birla as vice chairman with immediate effect.
KM Birla is grandson of 94-year-old BK Birla, who is the chairman of Century Textiles. In BK Birla’s absence, KM Birla was chairing the board meetings.
In addition to textiles, Century has real estate and cement businesses.
For the quarter ended September 30, Century Textiles posted a net loss of Rs 24.26 crore as compared to net profit of Rs 77 lakh for the quarter ended September 30, 2014, the unaudited standalone results of the company, as filed with the BSE, show.
“Total Income has increased from Rs 1716.69 crore for the quarter ended September 30, 2014 to Rs 1961.80 crore for the quarter ended September 30, 2015,” the BSE filing said.
Revenue from textiles segment also grew to Rs 486.66 crore in the quarter under review compared with Rs 421.21 crore in the year-ago period.
