New Delhi, Jul 20 (PTI) Century Plyboards (India) Ltd on Wednesday reported a nearly three-fold rise in its consolidated net profit to 92.62 crore for the first quarter ended on June 2022.

The company had reported a net profit of Rs 31.07 crore in the April-June quarter a year ago, Century Plyboards said in a BSE filing.

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Its revenue from the operation rose 94.25 per cent to Rs 888.78 crore during the quarter under review. It was Rs 457.54 crore in the corresponding quarter previous fiscal.

Century Plyboards' total expenses increased 83.74 per cent to Rs 768.97 crore in Q1 FY2022-23 against Rs 418.50 crore.

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Meanwhile, in a separate filing Century Plyboards said its board in a meeting held on Wednesday approved the scheme of arrangement between the company and its wholly-owned subsidiary Century Infra Ltd.

As per the scheme, Century Plyboards will transfer its Container Freight Station Services Undertaking business to its arm Century Infra on a slump sale basis.

In consideration, Century Infra will issue its equity shares to its parent.

Century Infra was incorporated on December 30, 2021, to carry on the business of receivers, general carriers, Container Freight Stations, Internal Container Depots Terminal and aggregation of long-distance cargo.

Shares of Century Plyboards (India) Ltd on Wednesday settled at Rs 592.55 on BSE, up 3.51 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)