The shares of Trident Ltd. fell as much as 9% during the first half of the trading session on Thursday, touching a low of Rs 32.10 apiece. The decline in share price comes on the back of weak results announced by the company for the quarter ending March 2023.
The company reported a net profit of Rs 129.7 crore in Q4 FY23, registering a decline of 28.4%, compared to Rs 181 crore in the corresponding quarter last year.
At 14.45 am, the stock was trading at Rs 32.55 on the BSE, down by 6.33 percent from its previous close.
Trident Limited, the flagship company of the Trident Group, is a leading manufacturer of yarn, bath linen, bed linen, wheat straw-based paper, chemicals, and captive power and the world’s largest agro-based paper manufacturer.
As per the consolidated financials of the previous quarter, their operating revenues decreased from ₹ 1,641 crores in Q3 to ₹ 1,573 crores in Q4 FY23. Similarly, for a YoY comparison, the revenues declined by 9.5 percent from ₹6,998 crores during FY 21-22 to ₹ 6,332 crores in FY 22-23.
The net profit of the company has significantly decreased by 9 percent from ₹143 crores in Q3 to ₹ 130 crores in Q4, Similarly, for a YoY comparison, the net profit declined by 47 percent from ₹ 834 crores during FY 21-22 to ₹ 441 crores in FY 22-23.
The company board also recommended raising funds for Rs 500 crore through the issue of non-convertible debentures, through a public or private offering in FY23.
And declared the first interim dividend of Rs 0.36 per fully paid-up equity share of Rs 1 each for FY 2023-24.
According to the latest data pertaining to the shareholding pattern, the promoters hold a 73.19 percent stake, and foreign institutional investors (FIIs) have a 2.43 percent stake in the company for FY 22-23.
Written by Omkar C
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