Trident tumbled 6.74% to Rs 37.80 after the textile producer's consolidated net profit slipped 56.37% to Rs 56.61 crore in Q4 FY24 as against Rs 129.74 crore in Q4 FY23.
Revenue from operations rose 6.93% year on year (YoY) to Rs 1,682.26 crore in the quarter ended 31 March 2024.Profit before tax stood at Rs 78.15 crore in March 2024 quarter, down by 54.8% from Rs 172.88 crore in same quarter last year.
Total expenses rose 15.27% YoY in the quarter ended March 2024. Cost of raw materials consumed came in at Rs 856.45 crore (up 8.52% YoY), employee benefit expenses stood at Rs 238.92 crore (up 43.65% YoY) and finance costs stood at Rs 49.08 crore (up 119.3% YoY) during the quarter.
The firms revenue from yarn business stood at Rs 901.99 crore (up 23.83% YoY) and revenue from towel business was at Rs 575.38 crore (up 1.21%).
On the other hand, revenue from bedsheets segment was at Rs 302.88 crore (down 2.52% YoY) and revenue from paper and chemicals business stood at Rs 280.60 crore (down 17.28% YoY) during the period under review.
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During FY24, the companys consolidated net profit grew 20.7% to Rs 349.52 crore on 7.53% rise in revenue from 6,808.83 crore over FY23.
Meanwhile, the board declared interim dividend of Rs 0.36 per equity share for the financial year 2024-25 and 28 May 2024 is being fixed as record date.
Further, the board of directors approved raising of funds for an amount not exceeding Rs 500 crore by issue of non-convertible debentures (NCDs), by way of public or private offering, in one or more tranches.
Lastly, the company has successfully commissioned the additional capacity of 5.9 MWp rooftop solar power project at Budhni, Madhya Pradesh. The total installed capacity of solar power plant at Budhni facility, Madhya Pradesh has reached 40.9 MWp. The power generated from Solar Power Project shall be consumed captively for manufacturing facilities located at Budhni, Madhya Pradesh, resulting in considerable reduction of carbon footprint stated the company.
Trident is one of the largest towel manufacturers of the world, one of the world's largest agrobased paper manufacturers and one of the largest yarn producers in India. Trident is a vertically integrated textile (Yarn, Bath & Bed Linen) and Paper (Wheat Straw-based) manufacturer.
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