Consolidated net profit fell 27.7% to Rs 79.79 crore on a 12.9% decline in net sales to Rs 1,135.59 crore in Q3 December 2019 over Q3 December 2018.
Consolidated profit before tax slumped 74.1% to Rs 42.45 crore in Q3 December 2019 as against Rs 163.71 crore in Q3 December 2018. Tax expense dropped 70.1% to Rs 10.70 crore as against Rs 35.80 crore in corresponding quarter of the previous year. The result was declared during market hours yesterday, 29 January 2020.
The current year has seen growth in the first two quarters of the financial year, however, Q3 FY20 has brought some headwinds due to which the overall revenue has declined as compared to previous quarter as well as compared to corresponding period of last year. Lower traction in Home Textile segment alongwith reduced realizations in Yarn and Paper segment impacted the revenue as well as profitability for the quarter. Further to above withdrawal of MEIS benefit from 7 March 2019 has also resulted in reversal of income booked during the previous quarters. The company is expecting improvement in capacity utilization in Bath Linen segment in the next quarter and looking at the order book for the sheeting segment for the next quarter, the same is expected to be the best in terms of revenues and capacity utilization.
Net debt jumped 10.42% to Rs 1,663 crore as on 31 December 2019 as against Rs 1,506 crore as on 30 September 2019.
Commenting on the Q3 performance, Rajinder Gupta, the chairman at Trident Group, has said that, Trident believes in offering innovative solutions and delivering high-quality value-added products to our customers. In spite of the latest economic challenges, the company has demonstrated high resilience. We remain focused on sweating manufacturing capacities and expect to increase the utilization level led by expanding across geographies and enhancing our market share.͟
Trident is a vertically integrated textile (yarn, bath & bed linen) and paper (wheat straw-based) manufacturer.
Shares of Trident fell 7.16% to Rs 6.48. It hit a high of Rs 6.60 and a low of Rs 6.25 in intraday so far.
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