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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 Rs 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 Rs 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.
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