Shares Trident shares slumped by 3.17 percent at Rs 32.05 at 11.30 am on July 28 after it reported a 27 percent drop in net profit year-on-year (YoY) at Rs 90 crore.
Its total revenue also fell 11.6 percent to Rs 1,478 crore in the June quarter compared to the same period a year before. Earnings Before income tax depreciation and amortisation also fell 7.5 percent YoY to Rs 239 crore in the same period.
Trident’s major business is the textile component, which makes up 82 percent of the company’s total revenue. Revenues from the textile business fell 10 percent to Rs 1,207 crore in Q1FY24 compared to the same period a year before, while it declined 19.7 percent to Rs 259 crore YoY in Q1FY24.
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Trident in its investor presentation for Q1FY24 said, “ We’re increasing capacity utilisation of plants through digitization of processes and adopting lean practices for improving our margins.”
The company further said that it is developing new and innovative products leveraging consumer sentiments and behaviour to earn a premium.
Trident is a textile and fabric manufacturer with businesses in home textile products, paper, chemicals and yarn solutions. It owns brands like Everyday, Dusk and Dawn, Nectarsoft, Aroma, and others. It supplies customers like D-MART, IKEA, Big Bazar, Amazon, Hometown, and others.
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