 "Trident shares fall 9% after posting Q3 nos; here's what's dragging stock")
Trident shares lost 8.8 per cent in trade on Monday and logged an intraday low of Rs 28.31 per share. The selling pressure in the stock came after the company's third-quarter profit nearly dropped 27 per cent year-on-year (Y-o-Y)
Around 10:32 AM, Trident shares were down 5.95 per cent at Rs 29.22 per share on BSE. In comparison, the BSE Sensex was down 1.01 per cent at 75,424.13. The market capitalisation of the company stood at Rs 14,890.38 crore. The 52-week high of the stock was at Rs 49.10 per share and the 52-week low was at Rs 28.31 per share.
Trident released its Q3 results on Friday, after market hours, which showed that the company's consolidated net profit declined 27 per cent to Rs 80 crore as compared to Rs 109 crore a year ago.
The revenue of the company for the quarter under review stood at Rs 1,667 crore as compared to Rs 1,835 crore a year ago which implies a fall of 9.2 per cent year-on-year (Y-o-Y).
As per the company filing, Q3 standalone revenue for yarn, and home textile were muted at Rs 841 crore and Rs 938 crore respectively, while chemical and paper business stood at Rs 258 crore, with marginal improvement.
During the quarter, Trident forayed into a renewable energy project to have 60 per cent of a plant’s power supplied by renewable energy sources and proposed to set up solar and wind energy plants of Budhni unit in Madhya Pradesh. The contours of the agreement are yet to concretise.
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The company launched the Karamyogi Recruitment Drive to hire 3,000 skilled individuals, supporting community development.
Trident is the flagship company of Trident Group, an Indian business conglomerate and global player. Headquartered in Ludhiana, Punjab, Trident Limited is a vertically integrated textile (yarn, bath, and bed linen) paper (wheat straw-based), and chemical manufacturer.
The company supplies national, captive, and retailer-owned brands; the organisation is highly decorated with awards from its customers, vendors, and various government entities in recognition of advancing the highest standards in product quality, social responsibility, and environmental stewardship.
In the past one year, Trident shares have lost 35.6 per cent against Sensex's rise of 5.9 per cent.