Trident Ltd Q2 net profit declines 8 percent to Rs 83 crore

Trident Ltd, a leading textiles manufacturer reported an 8 percent decline in net profit to Rs 83 crore ($9.9 million) for the second quarter ended September 30, as against a net profit of 91 crore in the year-ago quarter.

The company’s revenue for the quarter was down by 5 percent to Rs 1,713 crore, as against Rs 1,798 crore in the corresponding quarter of the previous fiscal year.

During the quarter, Trident showcased its diverse product range at the NY Home Fashion Market Week in New York to boost its exports.

Additionally, the company hosted its largest five-day retailer meet in New Delhi that attracted over 1500 retailers from across India.

Commenting on the results, Deepak Nanda, managing director of Trident Ltd in a statement said, “We have significantly strengthened our balance sheet by reducing debt by Rs 440 crore and improving our working capital efficiency, resulting in improvement of debt equity ratio.”

“Half yearly revenue at Rs 3,470 crore saw a growth of 6.7 percent. However, our top line, revenue and bottom line, profit for the quarter witnessed a muted growth driven by a decline in yarn prices that impacted our integrated home textile business,” he added.

Trident Ltd is the flagship company of Trident Group with a strong presence in the yarn, bath & bed linen segment.