Trident's Q1FY24 Net Profit Plunges 27%: Shares Slump 3.17%

28 Jul 2023 , 03:11 PM

Trident, a leading textile and fabric manufacturer, reported a 27 % YoY drop in net profit at Rs 90 crore for Q1FY24.

The company’s total revenue also fell 11.6 % to Rs 1,478 crore in the June quarter compared to a year ago. Earnings Before Income Tax Depreciation and Amortisation (EBITDA) declined 7.5 % YoY to Rs 239 crore in Q1FY24.

The textile component, contributing 82 % to Trident’s total revenue, experienced a 10 % decline to Rs 1,207 crore in Q1FY24. YoY, revenues from the textile business declined even more sharply by 19.7 % to Rs 259 crore in Q1FY24.

Trident aims to boost operational efficiency by increasing plant capacity utilization through digitization of processes and adopting lean practices. The company plans to develop new and innovative products to leverage consumer sentiments and behavior to earn a premium.

Trident’s businesses span home textile products, paper, chemicals, and yarn solutions. The company owns well-known brands like Everyday, Dusk and Dawn, Nectarsoft, and Aroma, among others.

Trident supplies its products to prominent customers, including D-MART, IKEA, Big Bazar, Amazon, Hometown, and more.

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