Textiles firm Trident posts lower Q3 profit as expenses spoil festive mood
Upstox
1 min read • Updated: February 6, 2024, 6:41 PM
Summary
Trident report a 12% jump in revenue to ₹1,835 crore aided by festive season demand
BENGALURU, Feb 6 (Reuters) - Indian textiles firm Trident Ltd posted a nearly 25% drop in its third-quarter profit, hurt by a rise in expenses, even as consumers bought more home linen during the festive season.
Trident - which counts cotton as its primary raw material - said its total expenses jumped 16% for the quarter ended Dec.31, with costs of raw materials climbing about 9%. This ate into its profit, which fell to ₹109 crore.
Shares of Trident - which supplies products to department stores such as Shoppers Stop, D-Mart and Walmart - closed 2.6% lower after the results.
India's festive season coincided with the third quarter, with consumers spending more on home linen items such as bedsheets. This helped Trident report a 12% jump in revenue to ₹1,835 crore ($220.99 million).
The company, which is also engaged in manufacturing paper and chemicals, said revenue from its yarn and bedsheets segment rose about 25% and 36%, respectively, while its towels division fell 8%.
All three segments made up 86% of the total revenue.