1. Textiles firm Trident posts lower Q3 profit as expenses spoil festive mood

Textiles firm Trident posts lower Q3 profit as expenses spoil festive mood

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1 min read • Updated: February 6, 2024, 6:41 PM

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Summary

Trident report a 12% jump in revenue to ₹1,835 crore aided by festive season demand

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Trident Q3 result update

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.