Trident Ltd.'s share price declined to the lowest level in nearly two years in Monday's session as its net profit during the December quarter declined. Its consolidated net profit fell 26.7% on the year to Rs 80.1 crore from 109 crore.
The bottomline declined on a revenue decrease of 9.18% during the quarter. In the third quarter, its revenue stood at Rs 1,667 crore compared to 1,835 crore.
Trident's operating profit fell 21.1% on the year to Rs 206 crore from Rs 262 crore. Its operating margin was at 12.4% compared to 14.2% in the corresponding period of previous financial year.
Trident share price declined 9.85% to Rs 28.00, the lowest level since April 5, 2023. It pared losses to trade 6.15% lower at Rs 29.15 apiece as of 9:56 a.m., as compared to 0.54% decline in the NSE Nifty 50 index.
Trident has been declining for five days in a row. The stock declined 35.37% in 12 months. Total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 29.35, which implied the stock is oversold.
Out of 22 analysts tracking the company, 12 maintain a 'buy' rating, five recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.8%.
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